Solana (SOL) has experienced a notable surge in price, reaching significant resistance levels over the weekend, fueled by Bitcoin‘s rapid rise. The cryptocurrency hit a peak of $211, matching last year’s highest value, but saw a slight decline to $205.33 as of early morning EST.
What Are the New Price Targets for Solana?
Experts are optimistic about SOL’s price potential, with crypto analyst Corne Marchand highlighting a target of breaking past the $248 mark. This level is seen as a critical barrier that, if surpassed, could allow Solana to soar to $360.
How Does Technical Analysis Support This Trend?
Following a brief market capitalization peak of $100 billion, Solana has returned to around $99 billion. Marchand anticipates that the current upward trend could lead to prices in the $900 to $1000 range, backed by historical data. A 136% increase in trading volume in the past day indicates strong momentum, though failure to maintain above $211 could reverse this trend.
Key Takeaways:
- Current price resistance is at $211, $263, and $330, critical for price stability.
- Potential long-term targets could reach between $900 to $2000 based on bullish market conditions.
- Investors should watch trading volumes and technical indicators closely for informed decisions.
With a dynamic market, the potential for Solana to set new records remains high, driven by both technical factors and investor sentiment. The coming days will be crucial in determining the direction of SOL’s price trajectory.