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.
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’s charts, deeming Solana’s the “best looking one out of the three” by far. To the trader, SOL “swept lows into $120 support and held nicely” 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,” if it can flip this trend into support. Similarly, trader Eugene Ng Ah Sio praised the token’s performance. “One thing of note is the absolute monstrous strength $SOL shows, whether it’s rain or shine,” said the trader in an X post.
Based on the chart, the trader believes “it’s pretty much given” that the cryptocurrency will hit a new all-time high (ATH) “at some point” during this cycle as “there are simply more buyers than sellers.”
Crypto Jelle, market analyst and investor, reaffirmed his SOL forecast as the token was “still holding the key support area, and the weekly candle is green.” In a previous analysis, Jelle stated that Solana looked “ripe to push higher.” 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’s 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’s been testing throughout the day.
Failing to maintain this support level could trigger a retrace to the $135-$130 price range. According to the analyst, Solana could find some relief at the $146 mark as “breaking the risk line (…) would invalidate this signal.” Moreover, reclaiming this level could “potentially drive SOL up to $150-$166” 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 “one of the best retail chains this cycle.”
Additionally, Sherpa highlighted SOL’s “strong reactions today” but forecasted another drop to the $125 mark soon. “I still think you get another shot at $125 or lower in a few weeks, personally,” 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
Rubmar Garcia
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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