Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Market watchers have praised the Solana (SOL) price action throughout the month. The fifth-largest cryptocurrency by market capitalization has displayed a strong performance despite the market shakeouts, recently reclaiming the $160 support level. Analysts suggest that SOL might repeat history and kickstart a rally toward a new all-time high (ATH) soon. Related Reading: BONK About To Enter 3rd Wave, Analyst Reveals Next Target Solana Breaks Out Of Consolidation Range In August, Solana\u2019s 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\u2019s 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 \u201cgreat place\u201d to accumulate as it was \u201cstill in the same sideways range, while the rest of the market made lower lows.\u201d Moreover, they predicted that Solana would take off as soon as Bitcoin (BTC) surged. Since then, Bitcoin\u2019s 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\u2019s recent performance has sparked a bullish sentiment among investors and experts. Some analysts have noted that holding the current levels could kickstart SOL\u2019s next leg up. Ali Martinez recently shared that the $164 resistance level was key for Solana\u2019s rally. Per the analyst, the token has been shaping up for an \u201cAdam & Even\u201d 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 \u201can interesting level\u201d but suggests that investors \u201cbe patient for a break of $165.\u201d According to the post, a break above this level could propel the price toward the $188 and $201 resistance levels. Meanwhile, a failed attempt could send the price to the previous range. However, Sherpa believes the cryptocurrency will \u201csolidly\u201d break its ATH price in Q4, regardless of the outcome. Crypto analyst Jelle stated that SOL is \u201clooking more and more ready for expansion, especially against ETH.\u201d To Jelle, Solana\u2019s chart looks ripe for price discovery since it resembles SOL\u2019s performance three years ago. Related Reading: Crypto Analyst Sounds Alarm: Here\u2019s Why It\u2019s Your \u2018Last Chance To Buy Bitcoin\u2019 Per the analyst, the token is \u201cholding above the RSI midlevel, while chopping around the 25-week EMA\u201d like in 2021. This performance was followed by a massive surge that drove the price to SOL\u2019s ATH of $259. Based on this, Jelle considers that Solana is ready to rally toward a new ATH between the $450-$600 range this cycle. SOL is currently trading at $160, a 2% and $13.9% surge in the daily and weekly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":637871,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[428,1119,26263,10923,85288,88477,8323,1946,12837,83626,92708,90228,83627],"class_list":["post-637870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-bitcoin","tag-btc","tag-crypto-analyst","tag-crypto-market","tag-crypto-market-crash","tag-crypto-market-recovery","tag-eth","tag-ethereum","tag-sol","tag-solana","tag-solana-bullish","tag-solana-price-analysis","tag-solusdt"],"acf":[],"yoast_head":"\n
Solana (SOL) Ripe For Price Discovery, Analyst Eyes $600 Target<\/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