Renowned crypto analyst Jelle shared his optimistic insights on Solana (SOL), drawing parallels with its performance in the summer of 2021. In a recent X post, the analyst highlighted that if Solana continues to follow this pattern, it could be “up only from here,” with a target price of $600.
Solana’s price movement has been discussed across major platforms owing to its fast network, high usage, and increasing market share. On the first day of the week, the price of SOL rose by 6.2%, reaching $193. This increase also occurred at the time when Bitcoin went past a crucial resistance level and the entire market was recovering.
On-chain data analysis firm Santiment reported that layer 1 blockchains, including Solana, dominated market volume over the past week, driven by significant market events. Bitcoin, Ethereum, and Solana ended the week on a high note, with their combined volume surpassing that of other cryptocurrencies like Layer 2s and meme coins.
As of press time, Solana’s overall market dominance is 3.68%, up 1.72% in the last 24 hours. This rising dominance further supports the bullish outlook for SOL, which competes closely with BNB, which holds a slightly lower dominance at 3.57%. At the time of writing, Solana is trading at $191.53, showing a 4.15% increase in the last 24 hours. The price of SOL has experienced a significant bullish breakout above the previous resistance level of $172. This breakout has formed a double bottom, a bullish reversal pattern that suggests more upward movement is likely.
SOL is trading above the 50-day and 200-day EMAs, with support at $159 and $137, respectively. The recent consolidation of around $180 has formed a minor support level. The indications show that SOL may rise further to challenge the next major resistance at $210.
The Relative Strength Index (RSI) is at 68.32, nearing overbought territory, signaling bullish solid momentum and cautioning against potential short-term pullbacks. The Chaikin Money Flow (CMF) at 0.23 indicates robust buying pressure and positive money flow into SOL. Overall, the technical analysis remains favorable for Solana’s price trajectory. Solana continues demonstrating robust growth and market performance, reinforcing its position as a dominant force in cryptocurrency. As Solana’s price trends upward, the market remains watchful for further bullish developments.
