Market experts have been praising Solana (SOL) price action throughout this month. The fifth-largest cryptocurrency by market cap has performed strongly despite market volatility, and recently recovered the $160 support level. Analysts suggest that SOL could repeat history and soon begin a rally towards a new all-time high (ATH).
Solana, out of integration scope
In August, Solana’s strength was tested during the market rebound. Several analysts considered SOL to be one of the strongest assets this month, noting its performance over the past three weeks.
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The price of SOL fell by more than 30% during the first crash, dropping to $110 before recovering. A week later, the token retreated back to the $140 support level, but continued to move sideways between the $140 and $155 range until Saturday.
Some market experts have argued that the token is “well positioned” to accumulate as it is “still in the same sideways range and the rest of the market has made lower lows.” Furthermore, they have predicted that Solana will surge as soon as Bitcoin (BTC) surges.
Since then, the Bitcoin price has risen 10%, hovering between $63,000 and $64,000 over the weekend. SOL has also seen favorable price action, surging 13.9% over the past three days.
SOL broke through the $155 resistance level after an 8% surge on Saturday. The cryptocurrency continued its upward trajectory, reaching $162 before falling back. The token continued to move within this new range throughout the weekend.
Will SOL rise to $600?
Solana’s recent performance has created bullish sentiment among investors and experts. Some analysts have pointed out that holding the current level could fuel the next uptrend in SOL. Ali Martinez recently shared that the $164 resistance level was key to Solana’s rally.
According to the analyst, the token is forming an “Adam & Even” pattern, which suggests a potential rally to $164. If the token breaks through that resistance, the price could surge 33% to the $220 range, a level not seen since late 2021.
Likewise, Altcoin Sherpa has set $165 resistance as a level to watch. Sherpa believes SOL is moving within an “interesting range” but suggests investors “wait patiently for a breakout of $165.”
According to the post, a breakout of this level could push the price up to the $188 and $201 resistance levels. Meanwhile, a failed attempt could send the price back to the previous range. However, Sherpa believes that regardless of the outcome, the cryptocurrency will “certainly” break its ATH price in Q4.
Crypto analyst Jelle said that SOL “looks increasingly ready to scale, especially against ETH.” To Jelle, Solana’s chart looks like it would be a good fit for price discovery, as it is similar to SOL’s performance three years ago.
According to the analyst, the token is “holding above the mid-level of the RSI while cutting around the 25-week EMA, as it has been in 2021.” This performance was followed by a massive surge, sending the price up to $259, the ATH for SOL.
Based on this, Jelle believes Solana is ready to rally towards a new ATH in the $450-$600 range this cycle. SOL is currently trading at $160, up 2% and $13.9% on the daily and weekly timeframes, respectively.
Source: NewsBTC.com