Solana Breaks $100 for the First Time, $120 in Target


Key Takeaways

Solana has made another new all-time high, surpassing the $100 mark.
SOL-related mentions across social media networks have skyrocketed.
The extreme levels of optimism among market participants could point to a correction.

Share this article

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. 

Sentiment is Bullish

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 reveals 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. 

Source: Santiment

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.

Solana Sits On Stable Support

The Fibonacci retracement indicator (measured from Solana’s high of $58.40 on May 18 to a low of $19.10 on to 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. 

Source: TradingView

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. 

This news was brought to you by Phemex, our preferred Derivatives Partner.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Solana Integrates Chainlink to Offer Crypto Price Feeds

Solana announced today that it has integrated Chainlink with its platform, allowing developers to utilize decentralized price feeds. Solana Devnet Adds Chainlink Chainlink is an oracle service that provides price…

How to Trade Using the Inverse Head and Shoulders Pattern

In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…

Charting the Growth of the Solana Ecosystem

We explain how Solana and its fast-growing ecosystem have established a place at the forefront of the cryptocurrency space. A New Ethereum Competitor In early June, Solana made headlines after…

Aave is Exploring Solana, Avalanche, Layer 2 Expansion

Aave founder Stani Kulechov revealed that the protocol was looking into expanding its markets beyond Ethereum and Polygon. Aave to Enable Cross-Chain Collateral Decentralized lending protocol Aave is working on…



Source

Recommended For You

About the Author: VBCrypto

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: