Prominent altcoin Solana saw an 8.22% gain in the last seven days, climbing to $150, a price last seen in late August. Despite overall bullish sentiments, crypto analyst Ali Martinez has cautioned investors about potential risks.
In an X post, Martinez noted that Solana faces major resistance at the $154 price zone. Failing to break this level could result in a price drop to $85. Previous resistance at this level stretches back to May, making it significant.
If Solana breaks past $154, it could rise to $190, a 23.37% increase. However, it currently trades at $147.37, with a 1.24% gain on the last day and a 58.13% decline in trading volume. Nonetheless, Solana remains resilient with a 7.65% gain over the past seven days.
As the final quarter of 2024 approaches, Solana is favored for profitability based on historical data. This bullish stance is supported by the robust meme market and continuous network development.
In other news, Coinbase plans to integrate its wrapped Bitcoin asset, cbBTC, with the Solana network. This was announced by Coinbase executive Hassan Ahmed at the Breakpoint conference. cbBTC was launched on September 12, initially on the Ethereum and Base networks, and is available in the UK, Australia, Singapore, and the US (excluding New York).
