Solana ($SOL) Defies Bearish Market Trends to Post New ATH, is $100 Next?
Solana ($SOL), the tenth-largest cryptocurrency by market cap continued its bullish momentum and posted another ATH of $84.00 earlier today. The altcoin gained 24% over the past 24-hours even when most of the crypto market moved sideways, recovering from yesterday’s correction. SOL was the only altcoin in the top-10 to have recorded a double-digit gain.
$SOL price has fallen to $65 after facing rejection at $80 this week, breaking through the key support of $70. However, now that it has conquered the $80 resistance, the altcoin could aim for another 20% jump to post $100.
$SOL has broken the ATH price for the third time in two weeks as its monthly gains extended to over 160%. The altcoin is considered one of the fastest-growing ecosystems and is often dubbed as “Ethereum Killer” by its proponent because of the similarities in their functionalities. The network has over 400 developers currently working actively to make it the top choice for Dapps and NFT projects.
1/ In the spirit of #SolanaSummer , @DavidTiczon and I wanted to begin sharing some fundamental @solana data with the community 🌅Let's dig in! 🧵 pic.twitter.com/yYDs3B5eki— Craig Burel◎ (@creggsnbacon) August 23, 2021
Can Solana Cross $100 or a Pullback is On the Cards?
Solana along with the rest of the crypto market has built a bullish momentum in August as most of the cryptocurrencies saw an uptrend with a minor pullback observed yesterday. However, Solana has managed to thrive even during the overall market retrace, but the question is how long can it carry the momentum.
$100 seems to be the next target for the Solana bulls if they won’t run out of steam as signs of trend reversal have started to creep up. The August 24 sell-off was followed by a correction that saw its price fall to a weekly low of $65. Solana gathered momentum to overcome the $80 barrier and if the market sentiments remain bullish, $100 won’t be difficult.
The rest of the crypto market seems to be taking a breather for the moment as it recovered from yesterday’s correction. Bitcoin’s (BTC) price rose above the key $47,000 level while Ethereum (ETH) managed to secure its position above $3,100.Source