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After some volatile days, Solana (SOL) broke out of a three-day downtrend, fueling investors’ bullish sentiment on its short-term performance. One cryptocurrency analyst suggested that SOL could be poised to cross $300 soon if the key level is reclaimed.
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Solana is steadfast despite the fluctuations
Solana, the fifth-largest cryptocurrency by market cap, has had a remarkable performance over the past week, boosted by US President Donald Trump’s launch of the token.
Last Friday, President Trump launched his official coin, TRUMP, on the Solana network after months of speculation and fake launches. The launch set off a three-day cryptocurrency market frenzy that pushed Trump to an all-time high (ATH) of $75 and a market cap of $15 billion.
Amid the frenzy, Solana jumped 25% in 24 hours, hitting $270 before rising another 9.5% to a new ATH of $295.83. Moreover, Solana’s Total Value Locked (TVL) surpassed 2021’s record of $10.02 billion and reached $12.1 billion on Sunday, DeFiLlama Data He appears.
Analyst Rekt Capital noted that Solana needs a weekly close above $250 followed by a possible retest to confirm a breakout from the reaccumulation range. However, the second launch of the Trump-linked memecoin sent SOL’s price down 12%, closing the week at $241.
On Sunday afternoon, United States First Lady Melania Trump announced her official currency, MELANIA, on social media. The token received backlash from the community, and the cryptocurrency market saw a 6.6% correction in a few hours, with Bitcoin falling below $100,000 temporarily.
Despite the correction, SOL remained above the weekend breakout levels, ranging between the $230 to $270 price range over the past three days but failing to hold above $260 for most of the period.
SOL is preparing to move to $300
On Wednesday, Solana’s price saw a 10% rise to $264 before retreating. Cryptocurrency analyst Jelly highlighted that “the SOL hourly chart looks like it wants another stab at $300 this month.”
The analyst noted that the cryptocurrency has broken out of the “post-Trump coin launch downtrend” that lasted three days, while indicators such as moving averages are “back to the upside.” The post also noted that SOL’s recent performance was trying to reclaim its November highs.
According to Gilley, the cryptocurrency is showing upward momentum and is “on the verge of entering price discovery” like Bitcoin. He also noted that Solana had done so I turned The previous high against the Ethereum (ETH) trading pair reached support.
As a result, reclaiming the $260 range could push SOL price to new highs. “Get your $264 back, and all bets are off,” he said. Likewise, nebrascanjuner subscriber Solana’s outlook is positive, noting that it is “consolidating at all-time highs… and there’s no reason to think it won’t melt from here.”
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Byzantine General Analyst Suggested There may be “more cutting as we face OI resistance, but we may have bottomed out already,” but she concluded that Solana “looks good” in the short term.
As of this writing, SOL is trading at $255, an increase of 2.5% on the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com
The post Solana To $300? ‘All Bets Are Off’ Once It Reclaims This Level first appeared on Investorempires.com.