Solana (SOL) Price Eyes Two-Year Breakout Above $150, Next Stop $500?

Read Time:2 Minute, 10 Second

Despite heavy market volatility, the Solana (SOL) price continues to inch forward gaining an additional 5% and moving all the way to $145. SOL currently faces a major rejection at $150, a level not seen in over the last two years.

Solana (SOL) Price Eyes A Two-Year Breakout

As Solana (SOL) inches closer to the significant threshold of $150, excitement brews among crypto enthusiasts. According to insights from on-chain data provider Santiment, this potential milestone marks the first time since January 16th, 2022, that Solana has approached this price level.

Crowd sentiment surrounding Solana appears to be leaning slightly bullish, considering its position as the 5th largest cryptocurrency by market capitalization. However, analysts note that the sentiment lacks the fervor often associated with the fear of missing out (FOMO), which could potentially dampen a rally.

Historically, doubt has served as a catalyst propelling prices higher in the cryptocurrency market. As Solana’s price stands at the brink of a crucial price point, market observers await further developments to gauge the trajectory of its ascent.

Courtesy: Santiment

SOL Price Rally Ahead

Several market analysts have been predicting a strong rally for Solana going ahead moving to $200, and much beyond. The strong trading activity by Solana-based meme coins such as Dogwifhat provides major support for the SOL price rally ahead.

On the other hand, big market players have been showing growing interest in acquiring Solana at the current price. On Thursday, March 7, Pantera Capital announced its decision to raise a staggering $250 million to buy all the Solana holdings of FTX. The fund’s purpose is to acquire heavily discounted Solana tokens from the estate of FTX, a digital asset exchange that has filed for bankruptcy.

Even with its current upward trajectory, SOL still lags 43% behind its previous all-time high (ATH) of $259, reached in November 2021. Yet, according to crypto analyst Altcoin Sherpa, there’s optimism that SOL will surpass its previous ATH in the current market cycle, with the only variable being the extent of the breakthrough. He further added that the Solana price rally to $1,000 in the next bull run is not out of the question.

$SOL: This will cleanly break all time highs this cycle, the only question is how high. $500 is probable, something obscene like 1000 isn’t out of the question imo. Still one of my bigger bags. $170 next level up #Solana

— Altcoin Sherpa (@AltcoinSherpa) March 7, 2024

The post Solana (SOL) Price Eyes Two-Year Breakout Above $150, Next Stop $500? appeared first on CoinGape.

Leave a Reply

Your email address will not be published. Required fields are marked *