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07/08/24
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Solana (SOL) Surges 30% as Cryptocurrency Market Recovers
Solana (SOL) is at the forefront of a recovery in the cryptocurrency market following a significant downturn earlier in the week. After experiencing a drop to around $110 on Monday, SOL rebounded impressively, gaining approximately 30% and reclaiming the crucial support level of $140 by Tuesday morning. This remarkable performance has positioned Solana as the top gainer among the leading cryptocurrencies, outpacing the recoveries of Bitcoin (BTC) and Ethereum (ETH).
Observers of the market have noted that Solana’s price movements appear notably stronger compared to its larger counterparts. Some analysts have pointed out that SOL managed to bounce off its support at $120 effectively, showcasing resilience during turbulent trading conditions. Currently, SOL is attempting to overcome a resistance level on its 15-minute chart, with the potential for further upward movement if this level can be flipped to support.
Market analysts are optimistic about Solana’s trajectory, with predictions suggesting that the token could achieve a new all-time high in this market cycle. Many believe there is a growing number of buyers eager to invest in SOL, contributing to the bullish outlook. One analysis anticipates that Solana could reach as high as $600 by the end of the next cycle.
However, caution is warranted as other indicators suggest that SOL may experience a short-term pullback. An analyst recently observed sell signals on the hourly chart, indicating a potential drop below the $140 support level. If the token fails to maintain this support, it might retrace to the $135-$130 range. Some analysts see $146 as a potential area of relief, while others suggest that the accumulation range for investors lies between $125 and $150. As Solana currently trades at around $152, it has seen a notable increase of about 10% in the past 24 hours, illustrating its volatility and potential for future movements.
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