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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Solana (SOL) Records 3-Year High As Price Hits $220, Is $260 Next?

Rubmar Garcia
Rubmar Garcia
6 months ago
3 mins read
Altcoins, Solana

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Este artículo también está disponible en español.

Solana (SOL) has seen a massive 35% weekly surge to a new year-high of $220, closing last week above levels not since in nearly three years. As the cryptocurrency soars and whales accumulate, some market watchers suggested SOL is poised to fly to new levels soon.

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Solana Hits Three-Year High Price

Solana has been one of the best-performing altcoins this bull run, seeing a massive surge in the past year. The cryptocurrency recently flipped Binance Coin (BNB) as the fourth-largest crypto by market capitalization after nearing the $190 price range last Wednesday.

Since then, Solana has broken past the long-awaited $200 barrier and reached a $100 billion market capitalization, cementing its title as one of the cycle’s leaders. Moreover, SOL’s surge above $200 represented a breakout from a 34-week accumulation zone, which saw the token’s price move between the $210 and $110 range.

SOL closed its massive week with a 35.6% jump above $215, recording the fourth-largest weekly close in the token’s history. Additionally, Solana hit a three-year high price, challenging November 2021 levels.

SolanaFloor noted that SOL has seen a 291% increase in the past year, as the cryptocurrency was trading at $56 on November 11, 2023. The token has also seen a massive 1350% surge from its price two years ago when it fell as low as $10 after FTX’s collapse.

Solana’s recent performance has fueled investor and market watchers’ bullish sentiment, with large-scale investors seemingly preparing for SOL’s new highs. According to On-chain data firm Lookonchain, whales have been accumulating the cryptocurrency.

The post highlights that an investor has bought millions of dollars in SOL tokens since October 22. On Sunday, the whale purchased another 7,500 SOL, around $1.57 million, raising its total holding to 257,599 SOL, worth around $56.6 million at the time of writing.

SOL’s Pathway To $260

Following SOL’s breakout, some crypto analysts suggested that Solana is about to hit a new all-time high (ATH). Market watcher CryptoHornHair asserted that the token will soon enter price discovery mode like Bitcoin (BTC). BTC is leading the crypto market’s rally, registering a staggering 23% weekly surge and hitting a new ATH of $84,929 today.

The analyst stated that Solana has “no resistance to be found on SOL above $216 until new ATHs.” Altcoin Sherpa also noted that Solana is near ATH territory, suggesting that the $260 target is around the corner.

Similarly, Rekt Capital pointed out that the token is “technically well-positioned to repeat history with a move to $260 over time.”

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The analyst considers SOL’s “momentous weekly close” and retests of the old $202 resistance as support has primed Solana for a surge to the ATH resistance levels. Per the post, the last time SOL performed a weekly close like this, it rallied to $260.

At the time of writing, Solana is trading at $219.56, a 6% surge in the daily timeframe.

solana, SOL, SOLUSDT
Solana’s performance in the weekly chart. Source: SOLUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

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.

Read more

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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