Solana (SOL) hits $144: Analysts are optimistic, is a new ATH coming?
Solana (SOL) has experienced some volatility this week, but analysts seem optimistic about the upcoming "imminent rise". Over the past 24 hours, Solana (SOL) is up 10.6% after breaking through the $140 mark again.
January 2022 was the last time Solana's native token traded above $140. On Thursday, the fifth-largest cryptocurrency by market capitalization hit new highs and followed the upward trend that the cryptocurrency market is experiencing.
On March 5, the price of SOL soared 7.5% from $132 to $142. However, the euphoric excitement around $140 was short-lived.
The price began to fall like a free fall, causing the token price to drop by 16% to end at the $119 price range. Throughout Wednesday, SOL's price continued to move in both directions while trying to stabilize above the $128 support level. The token closed the day in a price range hovering between $130 and $132.
On Thursday, Solana regained some momentum, testing the $141 level before pulling back to the $135 support zone. Subsequently, SOL broke through the $140 mark again, and the price soared to $144, up 6.6% in just two hours.
The price of SOL has been hovering between the $140 to $142 price range for the past 10 hours, briefly breaking below the $140 support zone. The cryptocurrency is currently trading at $142.10, up 10.6% in the last 24 hours and up 9.5% in 7 days. In a 30-day period, Solana's price soared by 50.8%.
However, SOL's market activity seems to be slow. The data shows that daily trading volume fell 37.7% in the last 24 hours to $6.4 billion.
Bluntz, a pseudonymous crypto trader and analyst, previously predicted Solana's next rally and said that "the Ethereum pump is coming." Today, the trader reiterated this position in an X (formerly Twitter) post.
Just before the price touched $140, analysts released two charts showing SOL against BTC and USDT. The trader highlighted the pattern he had previously used when making his forecast in February.
Based on the "nice simple ABC zigzag" of the BTC pair and the "nice sideways accumulation wave 4" of the USDT pair, analysts believe that a rise in SOL is "imminent".
In addition, crypto trader Ansem said Solana's all-time high could be closer than expected. In the X post, the trader shared a chart that shows the price performance of cryptocurrencies.
The chart above shows that the price of SOL first reached $138 in early September 2021. About 60 days later, Solana reached an all-time high of $260. According to the trader's post, if history repeats itself, we could see "Solana hit an all-time high in less than 60 days."
(Source: Rubmar Garcia)