Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Solana (SOL) is leading the crypto market recovery following the massive Monday crash. SOL registered some of the largest gains after reclaiming the $140 support zone on Tuesday morning. Its strength was highlighted by several market watchers, who shared their bullish predictions for the token. However, an analyst warned investors of a key level to watch out. Related Reading: Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem Solana Leads The Market Recovery As the crypto market recovers, Solana saw a massive 30% bounce from its lowest trading price of $110, registered on Monday. This performance crowned SOL the biggest gainer among the top 10 cryptocurrencies by market capitalization, surpassing Bitcoin (BTC) and Ethereum (ETH)’s recovery. Pseudonym trader Glitch Capital compared BTC, ETH, and SOL\u2019s charts, deeming Solana\u2019s the \u201cbest looking one out of the three\u201d by far. To the trader, SOL \u201cswept lows into $120 support and held nicely\u201d compared to the two largest cryptocurrencies. Per the post, the token is testing its M15 trend as resistance, which could give SOL a decent push,\u201d if it can flip this trend into support. Similarly, trader Eugene Ng Ah Sio praised the token\u2019s performance. \u201cOne thing of note is the absolute monstrous strength $SOL shows, whether it\u2019s rain or shine,\u201d said the trader in an X post. Based on the chart, the trader believes \u201cit\u2019s pretty much given\u201d that the cryptocurrency will hit a new all-time high (ATH) \u201cat some point\u201d during this cycle as \u201cthere are simply more buyers than sellers.\u201d Crypto Jelle, market analyst and investor, reaffirmed his SOL forecast as the token was \u201cstill holding the key support area, and the weekly candle is green.\u201d In a previous analysis, Jelle stated that Solana looked \u201cripe to push higher.\u201d Jelle predicts the token will reach a new ATH during Q4 2024 and set a $600 price target for this cycle. SOL Price Could See Another 10-15% Drop Despite the bullish sentiment, Ali Martinez revealed that SOL\u2019s TD Sequential indicator showed a sell signal on the hourly chart. This signal suggested the token could potentially lose the $140 support zone, which it\u2019s been testing throughout the day. Failing to maintain this support level could trigger a retrace to the $135-$130 price range. \u00a0According to the analyst, Solana could find some relief at the $146 mark as \u201cbreaking the risk line (\u2026) would invalidate this signal.\u201d Moreover, reclaiming this level could \u201cpotentially drive SOL up to $150-$166\u201d resistance levels. Altcoin Sherpa believes investors have a good accumulation range within the $125-$150 prices. To him, Solana remains one of the strongest performers of the bull run and will be \u201cone of the best retail chains this cycle.\u201d Related Reading: Bitcoin Rebounds Past $56,000, Ethereum Over $2,500: Key Factors Additionally, Sherpa highlighted SOL\u2019s \u201cstrong reactions today\u201d but forecasted another drop to the $125 mark soon. \u201cI still think you get another shot at $125 or lower in a few weeks, personally,\u201d said the analyst. As of this writing, Solana is trading at $148, a 10% surge in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":600226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,26263,10923,85288,88477,84561,8323,1946,12837,83626,92246,92060,83627],"class_list":["post-633599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto-analyst","tag-crypto-market","tag-crypto-market-crash","tag-crypto-market-recovery","tag-crypto-top-10","tag-eth","tag-ethereum","tag-sol","tag-solana","tag-solana-analysis","tag-solana-prediction","tag-solusdt"],"acf":[],"yoast_head":"\n
Solana (SOL) Bounces 30% Amid Market Recovery<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n