Solana (SOL) Bounces 30% Amid Market Recovery, Analysts Remain Bullish

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,950,549,824	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,950,549,824

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.001195	0.97%	0.124713	0.124629	0.12463

Price Change

Price Change %

Current Price

Bid Price

Offer

0.001195

0.97%

0.124713

0.124629

0.12463

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.125341	0.12343	0.123518	0.123518	0.071373 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.125341

0.12343

0.123518

0.071373 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	21:19:32	561.22	0.124713	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

21:19:32

561.22

0.124713

USD

Price x Volume	Volume	Base Symbol	Related Pairs
193,212.75	1,553,032.85	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

193,212.75

1,553,032.85

Solana (SOL) Bounces 30% Amid Market Recovery, Analysts Remain Bullish

07/08/2024 10:00am

NEWSBTC

Solana (SOL) is leading the crypto market recovery following the massive Monday crash. SOL registered some of the largest gains after reclaiming the $140 support zone on Tuesday morning. Its strength was highlighted by several market watchers, who shared their bullish predictions for the token. However, an analyst warned investors of a key level to watch out. Related Reading: Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem Solana Leads The Market Recovery As the crypto market recovers, Solana saw a massive 30% bounce from its lowest trading price of $110, registered on Monday. This performance crowned SOL the biggest gainer among the top 10 cryptocurrencies by market capitalization, surpassing Bitcoin (BTC) and Ethereum (ETH)’s recovery. Pseudonym trader Glitch Capital compared BTC, ETH, and SOL’s charts, deeming Solana’s the “best looking one out of the three” by far. To the trader, SOL “swept lows into $120 support and held nicely” compared to the two largest cryptocurrencies. Per the post, the token is testing its M15 trend as resistance, which could give SOL a decent push,” if it can flip this trend into support. Similarly, trader Eugene Ng Ah Sio praised the token’s performance. “One thing of note is the absolute monstrous strength $SOL shows, whether it’s rain or shine,” said the trader in an X post. Based on the chart, the trader believes “it’s pretty much given” that the cryptocurrency will hit a new all-time high (ATH) “at some point” during this cycle as “there are simply more buyers than sellers.” Crypto Jelle, market analyst and investor, reaffirmed his SOL forecast as the token was “still holding the key support area, and the weekly candle is green.” In a previous analysis, Jelle stated that Solana looked “ripe to push higher.” Jelle predicts the token will reach a new ATH during Q4 2024 and set a $600 price target for this cycle. SOL Price Could See Another 10-15% Drop Despite the bullish sentiment, Ali Martinez revealed that SOL’s TD Sequential indicator showed a sell signal on the hourly chart. This signal suggested the token could potentially lose the $140 support zone, which it’s been testing throughout the day. Failing to maintain this support level could trigger a retrace to the $135-$130 price range. According to the analyst, Solana could find some relief at the $146 mark as “breaking the risk line (…) would invalidate this signal.” Moreover, reclaiming this level could “potentially drive SOL up to $150-$166” resistance levels. Altcoin Sherpa believes investors have a good accumulation range within the $125-$150 prices. To him, Solana remains one of the strongest performers of the bull run and will be “one of the best retail chains this cycle.” Related Reading: Bitcoin Rebounds Past $56,000, Ethereum Over $2,500: Key Factors Additionally, Sherpa highlighted SOL’s “strong reactions today” but forecasted another drop to the $125 mark soon. “I still think you get another shot at $125 or lower in a few weeks, personally,” said the analyst. As of this writing, Solana is trading at $148, a 10% surge in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com

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