Solana (SOL) demonstrates signs of strength trading at $145, with analysts anticipating potential growth if key resistance levels are breached.
Current Market Situation for Solana
At the time of writing, SOL trades at $145 with a market cap of $76.5 billion. Trading volume has declined by over 33% in the past 24 hours, suggesting a cooling-off period in the market.
Analysis and Predictions from Crypto Analysts
Crypto analyst Altcoin Gordon highlights an ascending channel on the weekly chart for Solana. He suggests that if SOL breaks above this range, a rapid move towards $500 may occur, possibly followed by a surge to $1,000. He stated: "Only the patient will be rewarded. The market is designed to shake you out."
Long-term Prospects for Solana
According to CoinMarketCap, SOL's circulating supply stands at approximately 528 million tokens, with a fully diluted valuation of $87.6 billion. Despite short-term price movements being uncertain, the long-term structure for Solana remains intact, with traders closely monitoring for potential breakouts at key resistance levels.
While short-term price movements remain uncertain, the long-term structure for Solana continues to hold hopes for a potential rally if key resistance levels are breached.
