{"id":637870,"date":"2024-08-27T01:00:10","date_gmt":"2024-08-27T01:00:10","guid":{"rendered":"https:\/\/wncen.com\/?p=637870"},"modified":"2024-08-26T14:24:51","modified_gmt":"2024-08-26T14:24:51","slug":"solana-sol-ripe-for-price-discovery-analyst-eyes-600-target","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/solana-sol-ripe-for-price-discovery-analyst-eyes-600-target\/","title":{"rendered":"Solana (SOL) Ripe For Price Discovery, Analyst Eyes $600 Target"},"content":{"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.<\/p>\n

Related Reading: BONK About To Enter 3rd Wave, Analyst Reveals Next Target<\/a><\/div>\n

Solana Breaks Out Of Consolidation Range<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Some market watchers claimed<\/a> 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.<\/p>\n

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.<\/p>\n

SOL broke above the $155 resistance level on Saturday after an 8% surge. The cryptocurrency continued<\/a> its ascendant trajectory, reaching the $162 mark before retracing. Throughout the weekend, the token continued to move within this new range.<\/p>\n

Is SOL About To Rally To $600?<\/h2>\n

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<\/a> that the $164 resistance level was key for Solana\u2019s rally.<\/p>\n

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.<\/p>\n

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<\/p>\n

\"Solana\"
The $165 resistance level is crucial for SOL’s next move. Source: Altcoin Sherpa on X<\/a><\/figcaption><\/figure>\n

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.<\/p>\n

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.<\/p>\n

Related Reading: Crypto Analyst Sounds Alarm: Here\u2019s Why It\u2019s Your \u2018Last Chance To Buy Bitcoin\u2019<\/a><\/div>\n

Per the analyst, the token<\/a> 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.<\/p>\n

Based on this, Jelle considers<\/a> 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.<\/p>\n

\"Solana,
SOL’s performance in the weekly chart. Source: SOLUSDT on TradingView<\/a><\/figcaption><\/figure>\n
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":"\nSolana (SOL) Ripe For Price Discovery, Analyst Eyes $600 Target<\/title>\n<meta name=\"description\" content=\"Solana (SOL) performance has been highlighted by several market watchers who 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In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t 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\u2019s 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. 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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\u2019t 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\u2019s 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\u2019s 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 \u00ad\u2013or 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\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 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 \u2013hers or stray. 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