Market watchers have praised Solana (SOL) for its strong performance throughout the month. Despite market shakeouts, SOL, the fifth-largest cryptocurrency by market capitalization, has reclaimed the $160 support level. Analysts suggest that Solana might be poised for a rally towards a new all-time high (ATH) soon.
In August, Solana’s strength was evident as it weathered market retraces. SOL dropped over 30% to $110 but recovered, moving sideways between $140-$155 until recently. Market watchers believe the token was in a 'great place' for accumulation, predicting it would take off as soon as Bitcoin surged.
With Bitcoin’s price propelling 10%, SOL soared 13.9% in the last three days, breaking above the $155 resistance. Solana’s bullish sentiment among investors and experts was further solidified. Analyst Ali Martinez remarked that clearing the $164 resistance could see a 33% surge to $220, while Altcoin Sherpa highlighted the $165 resistance level as crucial.
Solana’s current price action mirrors its behavior three years ago, according to analyst Jelle. This resemblance suggests a potential rally to a new ATH between $450-$600 this cycle. Currently trading at $160, SOL has seen a 2% daily and 13.9% weekly surge.
