With January bringing a mix of gains and losses for the cryptocurrency market, Solana (SOL) remained stable and established a new support zone that could push it towards its previous all-time highs.
Solana experienced a breakout from the formation of a bullish flag, which is evident on the 4-hour chart. A prolonged close above the $106 mark could initiate a significant 47% rally, pushing the SOL token towards the $150 to $165 price range, which crypto analyst Ali Martinez reminded investors in his post on
Furthermore, in December, the Solana blockchain platform demonstrated notable performance by surpassing all other chains in monthly active addresses, recording an impressive 98% increase, as reported by Nansen on January 1st.
With significant user support and strong technical data, Solana displays most of the indicators that analysts look for when predicting potential price movements.
Solana price analysis
At the time of writing, Solana is trading at $101.45, up 5.15% in the last 24 hours, while it also gained 7.61% in the previous week and 40.78% in the last 30 days.
Technical indicators are bullish on Solana, as they move towards a “strong buy” at 17, while the moving averages agree with a “strong buy” at 14. The oscillators represent a “buy” signal at 3.
With all the indicators working in Solana’s favor, it remains to be seen whether this crypto will manage to reach the $150 mark and then move towards $200, potentially surpassing its all-time high.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.
