Solana (SOL) Records 3-Year High As Price Hits $220, Is $260 Next?
12 November 2024 - 11:30AM
NEWSBTC
Solana (SOL) has seen a massive 35% weekly surge to a new year-high
of $220, closing last week above levels not since in nearly three
years. As the cryptocurrency soars and whales accumulate, some
market watchers suggested SOL is poised to fly to new levels soon.
Related Reading: Ethereum Weekly Volume Hits $60 Billion As ETH
Aims For Yearly Highs Solana Hits Three-Year High Price Solana has
been one of the best-performing altcoins this bull run, seeing a
massive surge in the past year. The cryptocurrency recently flipped
Binance Coin (BNB) as the fourth-largest crypto by market
capitalization after nearing the $190 price range last Wednesday.
Since then, Solana has broken past the long-awaited $200 barrier
and reached a $100 billion market capitalization, cementing its
title as one of the cycle’s leaders. Moreover, SOL’s surge above
$200 represented a breakout from a 34-week accumulation zone, which
saw the token’s price move between the $210 and $110 range. SOL
closed its massive week with a 35.6% jump above $215, recording the
fourth-largest weekly close in the token’s history. Additionally,
Solana hit a three-year high price, challenging November 2021
levels. SolanaFloor noted that SOL has seen a 291% increase in the
past year, as the cryptocurrency was trading at $56 on November 11,
2023. The token has also seen a massive 1350% surge from its price
two years ago when it fell as low as $10 after FTX’s collapse.
Solana’s recent performance has fueled investor and market
watchers’ bullish sentiment, with large-scale investors seemingly
preparing for SOL’s new highs. According to On-chain data firm
Lookonchain, whales have been accumulating the cryptocurrency. The
post highlights that an investor has bought millions of dollars in
SOL tokens since October 22. On Sunday, the whale purchased another
7,500 SOL, around $1.57 million, raising its total holding to
257,599 SOL, worth around $56.6 million at the time of writing.
SOL’s Pathway To $260 Following SOL’s breakout, some crypto
analysts suggested that Solana is about to hit a new all-time high
(ATH). Market watcher CryptoHornHair asserted that the token will
soon enter price discovery mode like Bitcoin (BTC). BTC is leading
the crypto market’s rally, registering a staggering 23% weekly
surge and hitting a new ATH of $84,929 today. The analyst
stated that Solana has “no resistance to be found on SOL above
$216 until new ATHs.” Altcoin Sherpa also noted that Solana is near
ATH territory, suggesting that the $260 target is around the
corner. Similarly, Rekt Capital pointed out that the token is
“technically well-positioned to repeat history with a move to $260
over time.” Related Reading: Bitcoin Price Blasts Through $82,000:
These Are The Key Reasons The analyst considers SOL’s “momentous
weekly close” and retests of the old $202 resistance as support has
primed Solana for a surge to the ATH resistance levels. Per the
post, the last time SOL performed a weekly close like this, it
rallied to $260. At the time of writing, Solana is trading at
$219.56, a 6% surge in the daily timeframe. Featured Image from
Unsplash.com, Chart from TradingView.com
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