Solana (SOL) has recently demonstrated a remarkable performance, achieving new milestones as it regains its bullish momentum.
After a substantial 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 a sustained upward trajectory, SOL has surged by 8.9% in the last day, 39% in the past week, an impressive 51% in the last two weeks, and an astonishing 68% in just 30 days.
Solana’s Price Potential on the Horizon
The recent surge in Solana’s price has captured the attention of crypto enthusiasts and analysts. The 8.9% increase in the past 24 hours has propelled SOL to outperform most other cryptocurrencies in the top 100 list.
In this context, “Titan of Crypto,” a renowned crypto analyst, has provided insights into the expected price targets for Solana in the months ahead.
According to Titan of Crypto’s comprehensive analysis, SOL has the potential to reach a price range between $69 and $123. These projections mirror the optimistic outlook surrounding Solana’s future performance and market prospects.
However, despite recently achieving 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 coming months.
It’s worth noting that Solana’s price has reached levels not seen since the collapse of the FTX crypto exchange in November 2022. These factors contribute to the existing resistance that Solana needs to overcome for the anticipated scenario to materialize.
SOL’s Next Hurdle Offers 9% Upside Potential
What is particularly encouraging for Solana enthusiasts is the potential for further growth in the near term, despite the impending challenges for the cryptocurrency’s price.
Currently, the next significant resistance level is at $36.86. If the current bullish momentum continues, there is a possibility of another upswing of approximately 9% once this resistance is breached.
Should Solana successfully surpass this obstacle, the subsequent hurdles 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 maintain 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 pivotal metric to confirm the bullish momentum and support Solana’s ongoing upward trajectory. Market participants will be closely monitoring these developments to assess the token’s ability to sustain its positive momentum and overcome potential challenges in the future.
According to CoinGecko data, the current Solana price stands at $33.00, with a trading volume of $1,668,696,328.50 in the past 24 hours. Solana’s market capitalization is valued at $13,631,609,298, and it has a total supply of 420 million SOL tokens.