Market watchers have praised the Solana (SOL) price motion throughout the month. The fifth-largest cryptocurrency by market capitalization has displayed a robust performance despite the market shakeouts, recently reclaiming the $160 support level. Analysts suggest that SOL might repeat history and kickstart a rally toward a recent all-time high (ATH) soon.
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Solana Breaks Out Of Consolidation Range
In August, Solana’s strength was tested through the market retraces. Several analysts deemed SOL certainly one of the strongest assets this month, noting its performance within the last three weeks.
SOL’s price dropped over 30% through the first crash, falling to $110 before recovering. Every week later, the token saw one other retrace back to the $140 support level but maintained a sideways move between the $140-$155 range until Saturday.
Some market watchers claimed the token was in a “good spot” to build up because it was “still in the identical sideways range, while the remaining of the market made lower lows.” Furthermore, they predicted that Solana would take off as soon as Bitcoin (BTC) surged.
Since then, Bitcoin’s price has propelled 10%, hovering between the $63,000-$64,000 range over the weekend. SOL has also seen a good price motion, soaring 13.9% within the last three days.
SOL broke above the $155 resistance level on Saturday after an 8% surge. The cryptocurrency continued its ascendant trajectory, reaching the $162 mark before retracing. Throughout the weekend, the token continued to maneuver inside this recent range.
Is SOL About To Rally To $600?
Solana’s recent performance has sparked a bullish sentiment amongst investors and experts. Some analysts have noted that holding the present levels could kickstart SOL’s next leg up. Ali Martinez recently shared that the $164 resistance level was key for Solana’s rally.
Per the analyst, the token has been shaping up for an “Adam & Even” pattern, which suggests a possible rise to $164. If the token were to clear that resistance, its price could see a 33% surge toward the $220 price range, a level not seen since late 2021.
Similarly, Altcoin Sherpa set the $165 resistance as a level to observe. Sherpa considers that SOL is moving inside “an interesting level” but suggests that investors “be patient for a break of $165.”
The $165 resistance level is crucial for SOL’s next move. Source: Altcoin Sherpa on X
Based on the post, a break above this level could propel the worth toward the $188 and $201 resistance levels. Meanwhile, a failed attempt could send the worth to the previous range. Nonetheless, Sherpa believes the cryptocurrency will “solidly” break its ATH price in Q4, whatever the consequence.
Crypto analyst Jelle stated that SOL is “looking an increasing number of ready for expansion, especially against ETH.” To Jelle, Solana’s chart looks ripe for price discovery because it resembles SOL’s performance three years ago.
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Per the analyst, the token is “holding above the RSI midlevel, while chopping across the 25-week EMA” like in 2021. This performance was followed by a large surge that drove the worth to SOL’s ATH of $259.
Based on this, Jelle considers that Solana is able to rally toward a recent ATH between the $450-$600 range this cycle. SOL is currently trading at $160, a 2% and $13.9% surge within the each day and weekly timeframes.
SOL’s performance within the weekly chart. Source: SOLUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com