Solana price (SOL) has recently showcased an impressive performance, setting new records as it regains its bullish momentum.
After experiencing a significant decline since July 14, SOL has emerged as one of the top-performing cryptocurrencies, trailing only behind Pepecoin (PEPE) and Chainlink (LINK) in terms of gains in the past 24 hours.
With sustained upward movement, SOL has surged by 8.9% in the past day, 39% in the past week, a remarkable 51% in the last two weeks, and 68% in just 30 days.
Solana Price Potential Unveiled
The recent surge in Solana price has caught the attention of crypto enthusiasts and analysts alike. The 8.9% increase in the past 24 hours has propelled SOL to outperform most other cryptocurrencies in the top 100 list.
On this matter, renowned crypto analyst “Titan of Crypto” has shed light on the anticipated target zones for Solana in the months ahead.
According to the Titan of Crypto’s in-depth analysis, SOL has the potential to achieve a price range between $69 and $123. These projections reflect the optimistic outlook surrounding Solana’s future performance and market prospects.
However, despite recently attaining a new yearly high for 2023 and surpassing its monthly resistance level, Solana’s price faces several obstacles that could impact the realization of these projections in the upcoming months.
It is important to note that Solana’s price has reached levels not witnessed since the collapse of the FTX crypto exchange back in November 2022. These factors contribute to the existing resistance that Solana needs to overcome for the anticipated scenario to materialize.
SOL’s Next Resistance Level Presents 9% Upside Potential
What is particularly encouraging for Solana bulls is the potential for further growth in the near term, despite the upcoming challenges that may lie ahead for the cryptocurrency’s price.
Currently, the next significant resistance level stands at $36.86. If the current bullish momentum continues, there is a possibility for another leg-up of approximately 9% once this resistance is breached.
Should Solana successfully surpass this hurdle, the subsequent obstacles for SOL are positioned at $37, $39, $43, and $46 in the months to come. However, for the token to solidify the breakout of its monthly resistance and sustain the upward trend, it is crucial to achieve a monthly close above the $32 mark.
This emphasis on a monthly close above $32 serves as a key metric to confirm the bullish momentum and support the ongoing upward trajectory of Solana. Market participants will be closely monitoring these developments to assess the token’s ability to maintain its positive momentum and overcome potential challenges in the future.
According to CoinGecko data, the current Solana price stands at $33.00. The trading volume for the past 24 hours amounts to $1,668,696,328.50. With a total supply of 420 million SOL tokens, Solana’s market capitalization is valued at $13,631,609,298.
Featured image from Shutterstock, chart from TradingView.com