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Solana (SOL) rockets Skyward, analyst predicts $63.79 price target

TL;DR

  • SOL’s price surged 8% in 24 hrs, reaching $60.51, aligning with analyst predictions.
  • Analyst sets bullish target at $63.79 if SOL breaks $59.91 resistance.
  • Weekly performance down 1.75%, highlighting crypto market’s volatility.

Cryptocurrency trader and analyst Johnny forecasted a promising outlook for Solana (SOL), the blockchain platform often dubbed as an “Ethereum-killer.” According to Johnny’s insights, SOL’s price was poised for an upward trajectory, provided it could break through the crucial resistance level at $59.91.

SOL’s current performance

As of the latest data available from CoinMarketCap, SOL’s price has surged by more than 8% over the past 24 hours, reaching $60.51 at the time of writing. This impressive price increase has followed Johnny’s prediction closely, suggesting that the cryptocurrency may indeed be on the cusp of a substantial rally.

Analyst’s price targets

Johnny’s analysis highlights two potential price scenarios for SOL. First, should the cryptocurrency successfully breach the $59.91 resistance level, the immediate target is set at $63.79. This level represents a significant milestone for SOL, and if reached, it could further solidify its position in the market.

However, Johnny has also taken into account the potential downside for SOL. If the cryptocurrency were to break below a support zone spanning the $54 to $56 range, he has set a downside target at $51.23. This assessment underscores the importance of maintaining the current momentum and support levels to ensure a sustained bullish trend.

Despite the impressive 8.1% price increase within the last 24 hours, SOL’s performance over the past week has remained in the red zone. According to CoinMarketCap data, SOL’s price has seen a 1.75% decrease in the past seven days. This fluctuation is not uncommon in the volatile cryptocurrency market, and investors will be closely watching for signs of a more prolonged upward trend.

Recent surge and market trends

SOL’s recent surge has not gone unnoticed, as it currently ranks as the third most trending cryptocurrency on CoinMarketCap, trailing only Celestia (TIA) and surpassing Bonk (BONK). Additionally, SOL has also secured a place among the top gainers in the list of the 100 largest cryptocurrency projects by market capitalization, with Flow (FLOW) leading the 24-hour gains.

Comparatively, SOL stands one position ahead of Oasis Network (ROSE), with its price having risen by 7.83% during the previous day of trading. These rankings reflect the cryptocurrency’s current market momentum and its potential to outperform other digital assets in the near term.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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