The price of Solana (SOL) has once again surged, climbing back above the $175 mark after dipping to $157 in early August. This rise follows a renewed interest in the asset.
Return Above $175
After reaching a new peak of $206 at the end of July, Solana's price experienced a sharp decline. The current price above $175 indicates a possible bullish reversal, as the asset bounced from the support level of $155.
Bullish Breakout Analysis
Crypto analyst Ali notes that Solana's price may be in the early stages of a bullish breakout. According to his analysis, SOL has broken out of a descending channel, typically indicating a shift in market sentiment. "Current signs of bullish activity may signal a rise to the level of $187," he said.
Prospects and Risks
The Solana derivatives market has also seen a significant increase, with the volume rising by 32.36% to $23.64 billion. This indicates a restoration of investor confidence. However, the current price of $175.68, with only a 6% gain over the last 4 hours, suggests caution, as further increases or declines below $170 could occur.
The Solana market shows signs of recovery, but investors should closely monitor further developments, as the current bullish sentiment may be subject to risks.
