Solana’s (SOL) recent price performance has been nothing short of remarkable, as it regains its bullish momentum and sets new all-time highs.
After a notable decline that persisted since July 14, SOL has now emerged as one of the most outstanding cryptocurrencies, second only to Pepecoin (PEPE) and Chainlink (LINK) in terms of gains over the past 24 hours.
SOL’s sustained upward trajectory is evident in its impressive statistics, with an 8.9% surge in the last 24 hours, a 39% rise over the past week, a remarkable 51% increase in the last two weeks, and a staggering 68% growth in just 30 days.
Revealing the Price Potential of Solana
The recent upsurge in Solana’s price has drawn the attention of both crypto enthusiasts and analysts. SOL’s impressive 8.9% gain over the past 24 hours positions it as a frontrunner among most other cryptocurrencies in the top 100 list.
In this context, the well-regarded crypto analyst known as the “Titan of Crypto” has provided insights into the potential target price ranges for Solana in the months to come.
According to the Titan of Crypto’s comprehensive analysis, SOL holds the potential to reach a price range spanning from $69 to $123. These forecasts reflect the prevailing optimism surrounding Solana’s future performance and its standing in the market.
However, despite recently achieving a new yearly high for 2023 and surpassing its monthly resistance level, Solana’s price confronts several challenges that could impact the realization of these projections in the months ahead.
It is worth noting that Solana’s price has not reached these levels since the FTX crypto exchange collapse in November 2022, adding to the resistance that Solana must overcome for the anticipated scenario to come to fruition.
The upcoming resistance level for SOL indicates the potential for a 9% upside.
What is notably uplifting for Solana enthusiasts is the potential for further growth in the short term, even in the face of impending challenges for the cryptocurrency’s price.
Currently, the next substantial resistance point is positioned at $36.86. If the current bullish momentum persists, there is a prospect of an additional gain of approximately 9% once this resistance level is breached.
Should Solana successfully surpass this hurdle, subsequent challenges for SOL await at $37, $39, $43, and $46 in the upcoming months. However, in order to solidify the breakout from its monthly resistance and maintain the upward trend, achieving a monthly closure above the $32 threshold is of paramount importance.
This emphasis on achieving a monthly close above $32 serves as a pivotal metric to validate the bullish momentum and bolster Solana’s ongoing upward trajectory. Market participants will be closely monitoring these developments to gauge the token’s ability to sustain its positive momentum and overcome any potential hurdles in the future.
Based on CoinGecko’s data, the present Solana price is $33.00, accompanied by a 24-hour trading volume of $1,668,696,328.50. Solana, with a total supply of 420 million SOL tokens, commands a market capitalization of $13,631,609,298.