Solana To $300? ‘All Bets Are Off’ Once It Reclaims This Level
After a few days of volatility, Solana (SOL) has broken out of a three-day downtrend, sparking investor sentiment toward its short-term performance. One cryptocurrency analyst said SOL could soon break above $300 if it reclaims key levels.
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Solana holds on despite volatility
Solana, the fifth-largest cryptocurrency by market capitalization, had a strong performance last week, driven by U.S. President Donald Trump’s token issuance.
After months of speculation and disinformation, President Trump launched his official meme coin, TRUMP, on the Solana network last Friday. emission. The release sparked a three-day frenzy in the cryptocurrency market, pushing TRUMP to an all-time high (ATH) of $75 and a market capitalization of $15 billion.
Amid the frenzy, Solana gained 25% in 24 hours to hit $270, before rising another 9.5% to hit a new ATH of $295.83. Additionally, Solana’s total value locked (TVL) surpassed the previous record of $10.02 billion set in 2021, reaching $12.1 billion on Sunday. data show.
Analyst Rekt Capital noted that Solana would need a weekly close above $250 before a possible retest to confirm a breakout of re-accumulation territory. However, the second launch of the Trump-related memecoin caused SOL’s price to drop by 12%, closing the week at $241.
On Sunday afternoon, US First Lady Melania Trump announced her official meme coin, MELANIA, on social media. The token received backlash from the community, with cryptocurrency markets seeing a 6.6% correction in hours as Bitcoin fell the following Temporarily $100,000.
Despite the correction, SOL remains above weekend breakout levels, with the price range hovering between $230 and $270 over the past three days, but failing to hold above $260 for much of the period.
SOL prepares to rise to $300
On Wednesday, Solana’s price surged 10% to $264 before retreating. Cryptocurrency analyst Jelle emphasized that “SOL’s hourly chart looks like it hopes to break through $300 again this month.”
The analyst noted that the cryptocurrency has broken out of a three-day “post-Trump spatcoin issuance downtrend,” while indicators such as moving averages “return bullish.” The post also noted that SOL recently Performance Trying to regain November highs.
Jelle said the cryptocurrency is showing bullish momentum and, like BTC, is “on the verge of entering price discovery.” He also pointed out that Solana turn around It moved into support against previous highs against the Ethereum (ETH) trading pair.
Therefore, a return to the $260 range could push the price of SOL to new highs. “With $264 back, all bets are off,” he said. Likewise, Nebraskans shared is optimistic about Solana’s prospects, noting that it is “consolidating at all-time highs…there’s no reason to think it won’t start melting from here.”
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byzantine general analyst suggestion There may be “more volatility as we are at OI resistance but may have bottomed out,” but concluded that Solana “looks pretty good” in the short term.
As of this writing, SOL is trading at $255, up 2.5% on the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com
