The world’s fourth-largest cryptocurrency, Solana (SOL), has gained significant popularity this year due to its impressive performance and continuous development. Amid a bullish move in cryptocurrencies on February 13, 2024, Solana’s performance surpassed that of all the top 10 cryptocurrencies.
Solana to Hit $140 level: Expert
Recently, on February 12, 2023, a prominent trader named Koroush made a post on X (previously Twitter), highlighting factors that could impact the price of Solana (SOL). According to Koroush’s post, if Bitcoin gives a breakout of a strong resistance level at $48,000, Solana could reach the $140 level in the coming days.
However, as of now, Bitcoin has already experienced a breakout and has sustained levels above $48,000, currently trading near $49,900. Following this breakout, Solana’s SOL has experienced over a 10% upside momentum. Additionally, it is also observed that this star performer has gained significant interest among traders and investors, as its open interest surged by over 10%, reaching a substantial $1.75 billion.
Currently, Solana’s SOL is trading near $114, and in the last period, it experienced over a 9% upside momentum. If we examine the performance of SOL over a more extended timeframe, in the last 7 days, SOL has gained over 20%, while in the last 30 days, SOL experienced over a 23% upside momentum. These surges in Open Interest data and price highlight investors’ as well as traders’ attention in this rapidly evolving cryptocurrency industry.
Solana technical analysis and its performance
According to an expert’s technical analysis, Solana experienced a breakout of a bullish flag and pole pattern on January 28, 2024, and since then, it has gained over 18% in upside momentum. However, the current level is also a resistance point. Due to the overall bullish sentiment in the crypto industry, SOL may not encounter significant hurdles. The bullish momentum and the breakout of the flag and pole pattern may cause SOL to reach the $140 level.
Apart from Solana’s SOL price performance, the overall Solana ecosystem has witnessed a significant increase in trading volume and market capitalization. Other top cryptos utilizing the Solana ecosystem, such as Render (RNDR), The Graph (GRT), and Helium (HNT), have also performed well, surging by over 14%, 6%, and 10%, respectively, in the last 24 hours. Additionally, popular tokens like BONK and PYTH have experienced significant upside momentum, with gains of over 7% and 9% in the last 24 hours.
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