Solana Breaks $100 For The First Time, $120 In Target
Crypto Briefing | Aug 30, 2021 07:21AM ET
Solana has stolen the crypto spotlight, gaining over 330% in market value in the last 40 days. Solana has shrugged off the recent bearishness around the top cryptocurrencies by market cap. Still, market participants seem to be growing extremely optimistic, which could lead to a pullback. Solana has hit $100 for the first time.
According to data from CoinGecko, SOL is now the eighth-largest cryptocurrency by market cap, ahead of both Polkadot and Uniswap.
The asset has outperformed much of the crypto market over the last few weeks. It’s up 330% in the last 40 days.
Solana is a high-throughput smart contract blockchain. It’s sometimes described as an “Ethereum killer,” partly because it has its own fast-growing DeFi and NFT ecosystems.
As the SOL price has increased, the conversation surrounding its promise has also surged. Data from Santiment that the number of Solana-related mentions across social media networks surpassed 32 million. Meanwhile, Solana’s weighted social sentiment has reached the highest positivity level since its inception.
It appears that market participants are bullish about the recent price action and are possibly expecting further gains on the horizon. Still, such confidence among cryptocurrency enthusiasts could be considered a negative sign based on this on-chain metric.
Solana’s price tends to tumble when social perception is high. The question now is how to time an incoming correction, its depth, and its duration.
h2 Solana Sits On Stable Support/h2
Get The News You Want
The Fibonacci retracement indicator (measured from Solana’s high of $58.40 on May 18 to a low of $19.10 on May 23) suggests that only a sustained daily candlestick close below the $97.60 can serve as validation of the pessimistic outlook.
Such a downswing could translate into a significant spike in profit-taking, pushing Solana’s price towards $82 or even $74.
It is worth noting that if SOL manages to print a decisive daily candlestick close above the $97.60 support level, higher highs can be expected. In this eventuality, it would likely aim for further gains, targeting $108 or even $121.
Original Post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.