Solana (SOL) Failure To Break $154 Could Lead To $85 Correction – Analyst
22 Septiembre 2024 - 3:00AM
NEWSBTC
Prominent altcoin Solana was one of the major headliners recently,
notching an 8.22% gain in the last seven days, according to data
from CoinMarketCap. This positive performance saw Solana climb as
high as $150, a price mark last seen in late August. The sentiments
around the fifth-largest cryptocurrency are largely bullish,
however crypto analyst Ali Martinez has released certain cautionary
notes for investors. Related Reading: Solana Liquid Staking Could
Touch $18 Billion – Will It Benefit These Altcoins? Solana’s Price
Breakout Crucial To Avoid Slip To $85 In an X post on Sunday, Ali
Martinez noted that Solana is currently headed for major price
resistance at the $154 price zone. The analyst warns the altcoin
must not suffer a rejection at this price level to avoid a major
price crash. In the crypto market, price rejections at
certain price marks occur for various reasons including historical
evidence of resistance at said price level. According to
Solana’s daily chart, the $154 price zone presents a strong
resistance level stretching as far back as May. If a rejection
occurs at this level, Solana could likely fall to around $128 in a
best-case scenario. However, the presence of massive selling
pressure could drive the altcoin’s price as low as $85, indicating
a potential 44.1% decline from Solana’s current price.
Alternatively, If Solana breaks past $154, it could attain a market
price of $190, at which lies its next major resistance. Such price
gain would represent a 23.37% increase in the asset’s present
market valuation. At the time of writing, Solana continues to
trade at $147.37 with a 1.24% gain on the last day, amid a 58.13%
decline in trading volume activity. Also, the altcoin remains one
of the market’s most resilient assets with 7.65% and 2.27% in the
past seven and thirty days respectively despite long periods of
market downturn. As the final quarter of 2024 approaches, Solana
remains one of the favorite coins for profitability based on
historical price data. This bullish stance is further strengthened
by a robust meme market valued at $6.56 billion and continuous
network development. Solana To Soon Host cbBTC – Coinbase In
other news, American crypto exchange Coinbase has unveiled a plan
to integrate its newly launched wrapped Bitcoin asset- cbBTC – with
the Solana network. This development was revealed by Coinbase
executive Hassan Ahmed while speaking at the Breakpoint conference
who cited interest in the Solana network from the exchange
customers. Coinbase launched cbBTC on September 12 as a new digital
product pegged 1:1 ratio with Bitcoin held in the exchange
reserves. The wrapped Bitcoin asset was initially launched on the
Ethereum and Base network with availability to customers in the
United Kingdom, Australia, Singapore, and the United States barring
New York. Featured image from ProRealCode, chart from
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