SOL on the Verge of Hitting Another New All-Time High
Solana, one of the top ten cryptos, has been increasing prices and will soon create a new all-time high. The coin is likely to continue in an uptrend for some time, driving the coin to even higher prices.
Solana Price Action, New Incoming ATH
Solana is likely going to surpass its all-time high soon. The coin is currently trading at $204, and just earlier today, it was trading at $207. But, the recent price actions set the coin for a possible breakout from its ATH of $215.
Solana is recovering from a recent bearish that lasted close to 5 weeks. This bearish began on September 9th, just after the coin hit its ATH. The coin dropped so far till it hit a monthly low of around $150. However, the coin began recovering in the past five days, with a price increase of over 27%. It surpassed multiple light resistance points in the $170 and $200 regions. In just the past 24 hours, the coin has made a price change of about $6%, according to CMC.
To go past the earlier ATH, Solana must make a 6% price increase from its current price. Looking at the coin’s most recent performance, it’s okay to say that Solana will create a new ATH in a few days or less. The strongest resistance Solana faces today is in the $215 mark. As soon as it goes past the resistance, Solana will be able to go past the $250, and even as earlier predictions say, over $270.
Solana’s Uptrend will Continue
A vast decline in Solana prices is possible but highly unlikely currently. The same happened in September; Solana went to its peak price and began plunging. But the current situation is mostly different.
When Solana went to its ATH in September, Bitcoin began plunging in prices. The bitcoin bearish sent the entire crypto market to a bearish that also affected Solana. Ever since then, Solana has been struggling to recover its ATH.
However, Bitcoin and the entire market are currently on an uptrend. Bitcoin was able to beat its earlier ATH just recently. As such, Solana will continue to benefit from this bullish trend. If the trend continues for longer, Solana could easily go past $250.
Solana’s Developments Contributed to Growth
Solana was for some time not considered a top asset. However, the recent developments within the network sent this coin to number 6 in coinmarketcap rankings. Like Ethereum, Solana also introduced support for smart contracts. It’s also a home for NFTs and Defi. Smart contract support receives credits for the growth in value of Solana. As the Dapp uses increase, Solana will grow even further, high in value.