Solana, SOL, has been experiencing some problems. volatility this week, but analysts seem optimistic about an ‘imminent markup’ around the corner. Solana’s (SOL) stock has seen a 10.6% rise in the past 24 hour after it broke through the $140 mark again.
Solana Rises Above $140
Solana native tokens will last trade above $140 in January 2022. The fifth-largest crypto by market capitalization reached a new peak on Thursday and followed the upward trend of the crypto market.
JUST IN #SOLANA BROKE $140🚀#SOL $SOL pic.twitter.com/KbHkiwm8uf
— 👑BitcoinExpert.sol👑 (@PeterAnagno) March 7, 2024
SOL’s value jumped 7.5% on March 5 after it went from $132 up to $142. The excitement that the cryptocurrency had surpassed $140 was not long-lasting.
It began a downward spiral that saw 16% of the token price slashed, and stopped at $119. SOL’s prices continued to fluctuate in both directions on Wednesday while trying to stabilise above the $128 level. The token finished Price ranges for the day are between $130-$132.
Thursday, Solana gained some momentum. It tested the $141 mark before a pullback back to the $135 zone of support. SOL’s price then soared past the $140 barrier, reaching $144 in less than two hours, an increase of 6.6%.
SOL's performance on the hourly chart. Source: SOLUSDT TradingView.com
SOL’s recent price fluctuated between $140-$142, falling briefly below the $140 price support zone. The cryptocurrency currently trades at a price of $142.10 which represents an increase of 10.6% within the last 24 hour and 9.5% over the previous 7 days. Solana’s price has soared by 50.8% in the last 30 days.
SOL appears to be experiencing slow market activity. CoinMarketCap shows that daily trading volumes have decreased 37.7% to $6.4 Billion in the last 24 hour according to data.
Is A New ATH Imminent For SOL?
Bluntz was a pseudonym for crypto trader and analyst Bluntz. forecasted Solana’s next Leg up is around the corner. “the revenge pump is close.” Today, the trader reaffirmed his stance in a post on X (formerly Twitter).
The analyst displayed two charts of SOL with BTC and USDT just before the price reached $140. The trader used the same patterns that he had previously used in February to make a forecast.
Feels like a $SOL Markup is imminent https://t.co/suhs2SZroC pic.twitter.com/RJSlovIzhr
— Bluntz (@Bluntz_Capital) March 7, 2024
Based on the “nice simple ABC zigzag” With its BTC pair, and the “nice sideways accumulation wave 4” The analyst believes that a SOL markup should be applied to the USDT pair. “imminent.”
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Ansem, a crypto-trader is also a good option. suggested Solana could be nearer to its new all-time record than anticipated. In a post on X, the trader included a chart that showed the cryptocurrency’s price performance.
Solana’s performance on the all-time charts. Source: @blknoiz06 at X.com
In the chart above, we can see that SOL reached its first price of $138 in early September 2021. Solana’s all-time high was $260 about 60 days after the chart above. According to the Trader’s Post, if history repeats itself we could see “Solana’s new all-time high in less than 60 days.”
Featured Image from Unsplash.com. Chart from TradingView.com
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