Solana (SOL) is showing some serious renewed strength and is aiming to break through some key resistance levels. A successful breakout could send it soaring to a new all-time high in the coming weeks.
Expert Prediction: Solana’s Big Upswing
Crypto expert Negentropic thinks Solana is one to watch. They predict a significant price increase for SOL, pointing to renewed bullish momentum and key resistance levels as indicators.
Negentropic noticed SOL dipping to between $202 and $208 before bouncing back towards $230. If SOL can break past $235, they expect a move towards the previous high of $264.
Key Signals to Watch:
- RSI (Relative Strength Index): The RSI is currently neutral and not in overbought territory, which is good for further price increases.
- Ecosystem Tokens: Keep an eye on tokens like JUP and Dogwifhat (WIF) – their performance could boost SOL.
- Network Adoption: Increased Solana network adoption and on-chain developments could significantly impact SOL’s price.
Solana’s Past Performance and Current Challenges
Interestingly, Solana did hit a new all-time high of $264 in November 2024. However, it couldn’t maintain that momentum and dropped significantly even as the overall altcoin market cap rose.
Wednesday saw SOL fall close to $200, causing some short-term uncertainty. However, it quickly recovered to around $226, demonstrating resilience. Despite the recovery, trading volume is down, suggesting investor confidence might be wavering. Market cap and trading volume are both down slightly.
