Solana Breaks Out Of Consolidation Range
In August, Solana’s strength was tested during the market retraces. Several analysts deemed SOL one of the strongest assets this month, noting its performance in the last three weeks. SOL’s price dropped over 30% during the first crash, falling to $110 before recovering. A week later, the token saw another retrace back to the $140 support level but maintained a sideways move between the $140-$155 range until Saturday.Some market watchers claimed the token was in a “great place” to accumulate as it was “still in the same sideways range, while the rest of the market made lower lows.” Moreover, they predicted that Solana would take off as soon as Bitcoin (BTC) surged.
Since then, Bitcoin’s price has propelled 10%, hovering between the $63,000-$64,000 range over the weekend. SOL has also seen a favorable price action, soaring 13.9% in the last three days.SOL broke above the $155 resistance level on Saturday after an 8% surge. The cryptocurrency continued its ascendant trajectory, reaching the $162 mark before retracing. Throughout the weekend, the token continued to move within this new range.
Is SOL About To Rally To $600?
Solana’s recent performance has sparked a bullish sentiment among investors and experts. Some analysts have noted that holding the current levels could kickstart SOL’s next leg up. Ali Martinez recently shared that the $164 resistance level was key for Solana’s rally.
Per the analyst, the token has been shaping up for an “Adam & Even” pattern, which suggests a potential rise to $164. If the token were to clear that resistance, its price could see a 33% surge toward the $220 price range, a level not seen since late 2021. Similarly, Altcoin Sherpa set the $165 resistance as a level to watch. Sherpa considers that SOL is moving within “an interesting level” but suggests that investors “be patient for a break of $165.”