Solana (SOL) has been receiving praise from market watchers for its strong price performance. Despite market shakeouts, SOL has managed to reclaim the $160 support level and analysts are predicting that it may soon kickstart a rally towards a new all-time high (ATH) of $600.
In August, SOL demonstrated its strength by withstanding market retraces. Although it experienced a 30% drop during the initial crash, it quickly recovered to $110. Another retrace occurred, bringing the token back to the $140 support level, but it remained within a sideways range of $140-$155 until recently.
Some analysts believe that SOL is in a prime position for accumulation, noting that it has remained in a sideways range while the rest of the market has made lower lows. They anticipate that SOL will take off once Bitcoin (BTC) surges.
Bitcoin’s price has indeed risen by 10%, reaching the $63,000-$64,000 range over the weekend. In tandem with Bitcoin’s performance, SOL has also seen a favorable price action, surging by 13.9% in the last three days.
SOL broke above the $155 resistance level on Saturday after an 8% surge. It reached the $162 mark and has since retraced, but it continues to trade within this new range.
The recent performance of SOL has sparked a bullish sentiment among investors and experts. Analyst Ali Martinez believes that SOL’s rally hinges on breaking the $164 resistance level. If successful, the token could surge by 33% to reach the $220 price range.
Altcoin Sherpa has also set the $165 resistance as a key level to watch. They suggest that investors be patient for a break above this level, as it could drive the price towards $188 and $201 resistance levels. Regardless of the outcome, Sherpa believes SOL will solidly break its ATH price in Q4.
Crypto analyst Jelle sees SOL as ready for price discovery, particularly against Ethereum (ETH). Jelle sees similarities in SOL’s chart with its performance three years ago, when it experienced a massive surge to reach an ATH of $259. Based on this similarity, Jelle predicts that SOL could rally to a new ATH between the $450-$600 range this cycle.
Currently, SOL is trading at $160, showcasing a 2% and 13.9% surge in the daily and weekly timeframes respectively.