Solana has been consolidating over the last few weeks, leaving bitcoin to grab the headlines. However, the last couple of days have seen a big push from $SOL.
With bitcoin (BTC) preparing for its next big move upwards, and ethereum (ETH) finally springing into life, the crypto sector looks to be reigniting. That said, the cryptocurrency that is really putting on the show right now is Solana (SOL).
Solana turbo boost
Source: Trading View
On Wednesday, $SOL perhaps signalled what was to come, as the price rose nearly 9% before falling back heavily and leaving a wick to the upside. However, on Thursday, Solana bulls were not to be denied, and this time a 12% gain was made, which only fell back slightly.
Today, $SOL is up 6.5% so far and it looks as though there might be more in the tank. With $BTC on the verge of breaking out, and $ETH already showing a lot of strength, $SOL is probably going to compare favourably, having been beaten down far more than these two rivals.
A $SOL macro perspective
Source: Trading View
There is a level of resistance at around $75, but there is also the 1.618 fibonacci level at $78.6. Obviously, $SOL should be going much higher than this. These are only fibonacci levels for the recent move on the daily time frame.
Looking from a more macro perspective, the 0.382 level comes in at $104, the 0.5 at $134, the 0.618 at $164, and the 0.786 at $206. The all-time-high is at $260.
$SOL set to eclipse $BTC and $ETH
Given Solana’s recent technological breakthrough with its Firedance validator client, it would be likely that $SOL will continue to make up ground on both $BTC and $ETH. The sky really could be the limit for Solana and its ecosystem. The next couple of years could be extremely exciting.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
