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

Solana (SOL) Hits $144: Analysts Feel Optimistic, Is A New ATH Imminent?

Rubmar Garcia
Rubmar Garcia
1 year ago
3 mins read
Sol, Solana ATH, Solana prediction

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Solana (SOL) has been experiencing some volatility this week, but analysts seem optimistic about an ‘imminent markup’ around the corner. In the past 24 hours, Solana (SOL) has registered a 10.6% increase after breaking through the $140 barrier again.

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Solana Rises Above $140

January of 2022 marks the last time Solana’s native token traded above the $140 price range. On Thursday, the fifth-largest cryptocurrency by market capitalization hit a new high and followed the uptrend the crypto market is experiencing.

JUST IN: #SOLANA BROKE $140 🚀#SOL $SOL pic.twitter.com/KbHkiwm8uf

— 👑BitcoinExpert.sol👑 (@PeterAnagno) March 7, 2024

On March 5, SOL’s price spiked 7.5% after going from $132 to $142. However, the excitement about the cryptocurrency surpassing $140 was short-lived.

The price started what looked like a freefall descent that shredded 16% of the token’s price, stopping at the $119 price range. Throughout Wednesday, SOL’s price continued to move in both directions while trying to stabilize above the $128 support level. The token finished the day hovering between the $130-$132 price range.

On Thursday, Solana picked up some momentum and tested the $141 level before facing a pullback to the $135 support zone. Later, SOL broke through the $140 barrier again as the price skyrocketed to $144, increasing 6.6% in just two hours.

Sol, Solana, SOLUSDT

SOL’s price performance in the hourly chart. Source: SOLUSDT on TradingView.com

For the past hour, SOL’s price has hovered between the $140-$142 price range, briefly falling below the $140 support zone. At writing time, the cryptocurrency trades at $142.10, accounting for an increase of 10.6% in the last 24 hours and 9.5% in 7 days. In the 30-day time frame, Solana has seen a stellar price surge of 50.8%.

However, SOL seems to be experiencing a slow market activity. According to CoinMarketCap data, the daily trading volume has decreased by 37.7% in the past 24 hours to $6.4 billion.

Is A New ATH Imminent For SOL?

Pseudonym crypto trader and analyst Bluntz previously forecasted Solana’s next leg up to be around the corner, saying that “the revenge pump is close.” Today, the trader reaffirmed that stance on an X (formerly Twitter) post.

Right before the price hit $140, the analyst posted two charts displaying SOL’s pair with BTC and USDT. The trader highlighted the patterns he previously used to make a prediction in February.

feels like a $SOL markup is imminent. https://t.co/suhs2SZroC pic.twitter.com/RJSlovIzhr

— Bluntz (@Bluntz_Capital) March 7, 2024

Based on the “nice simple ABC zigzag” with its BTC pair and the “nice sideways accumulation wave 4” with its USDT pair, the analyst considers that an SOL markup is “imminent.”

Related Reading: Ethereum Recovers From Dip: ETH Hits $3,900 For The First Time In Two Years

Moreover, crypto trader Ansem suggested that Solana’s new all-time high might be closer than expected. In an X post, the trader shared a chart exhibiting the price performance of the cryptocurrency.

SOL price, SOL

Solana's performance in the all-time chart. Source: @blknoiz06 on X.com

The chart above shows that SOL’s price of $138 was first achieved in early September 2021. Approximately 60 days later, Solana reached its all-time high of $260. If history repeats itself, according to the trader’s post, we could see “Solana’s new all-time high in less than 60 days.”

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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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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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