Solana
Solana (SOL) Could Skyrocket 53% If This Support Holds
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The total market capitalization of the cryptocurrency space now stands at $2.45 trillion, a 7.9% spike signaling a bullish rebound in digital assets. Unsurprisingly, altcoins benefit from the upward trend, notably Solana (SOL), with its increase of 1.4%, by data from CoinMarketCap.
Notably, the rebound is led by Bitcoin after several days of volatility. Solana, however, wishes to take advantage of the rebound, with the observed increase in assets. This could see SOL reach unprecedented levels in the coming days.
By Ali Martinez, a leading market analyst, Solana is likely to print a notable price change of 53% from its current level. Its projections arise from a probable breakout of its ascending triangular configuration. According to data from CoinMarketCap, the coin is currently trading at a price of $151.62.
Martinez urged investors and stakeholders to focus on the lower and upper resistance levels of $143 and $178, respectively. This will help potential investors gauge Solana’s direction even though an optimistic growth trajectory has been projected.
Factors Determining Solana Performance
Solana’s performance in the altcoin ecosystem depends on several factors, including a growing valuation, which makes it the sixth largest digital currency by market capitalization. by Solana dog hat recently caught the attention of Tesla CEO Elon Musk, highlighting its growing popularity as a whole.
Notably, according to U.Today report, Solana will be able to achieve the price projections if the buyers maintain the acquired levels and the candle moves closer to the $178 mark. If this happens, Martinez’s $178 projection will easily be exceeded and market performance will soar.
Solana’s performance in the coming days could prove some recent negative predictions made by industry players. Financial giant JPMorgan Chase has taken a pessimistic view of Solana and other altcoins. According to JPMorgan, there are doubts about the prospects of Solana or other crypto ETFs.
Market observers maintain cautious optimism on Solana based on this forecast to see how they can profit from its price action.
About the Author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the clear advantages of decentralized money over traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coingape, among others.