Solana hits a yearly peak of $174.07.
Analysts are bullish on SOL's ability to surpass its previous record highs, pointing to significant breakthroughs in resistance.
Forecasts suggest SOL will test even higher resistance levels, with projections hinting at a potential breach of the $208 threshold in the near term.
Solana (SOL) has surged to unprecedented levels, reaching an impressive yearly high of $174.07. This surge underscores a bullish sentiment that has gripped both seasoned investors and newcomers alike, as SOL continues to break its own records.
The cryptocurrency's climb to its highest value in over two years has ignited fervent discussions within the crypto community, with many analysts speculating on the possibility of SOL surpassing its historical peaks. Notably, respected analyst Rekt Capital predicts that SOL could challenge the $208 resistance level in the coming days.
Echoes of mid-2021 are evident as Solana's surge of +118% from the green zone and +53% following the Ascending Triangle breakout hint at a potential revisit of the ~$208 resistance level in the future. #SOL #Solana #Bitcoin
- Rekt Capital (@rektcapital) March 14, 2024
Drawing parallels with the 2021 bull run, Rekt Capital highlights SOL's remarkable performance, with a growth of over 118% since its recent uptrend and a significant increase of 53% following its breakout from an Ascending Triangle pattern. With SOL's recent 23% surge, market indicators suggest sustained bullish momentum, with the potential to test higher resistance levels in the coming days.
Market experts particularly point out that SOL surpassing key resistance levels is an indicator of imminent short-term gains. Their optimistic outlook, evident in their decision to hold onto their SOL holdings without immediate plans to sell, suggests a promising outlook for those seeking long-term profits in the cryptocurrency market.
Furthermore, SOL's upward trajectory is expected to attract new investors, positioning it as a gateway into the realm of digital currencies. Crypto analyst Jelle, who holds stakes in SOL and Injective (INJ), believes that both assets are at the forefront of an emerging bull market, paving the way for other alternative coins to flourish in the current cycle.