Although Solana (SOL) has been following the wider sentiment in the cryptocurrency sector, going through a bit of a setback in the last few days, during which this digital asset recorded a weekly decline of nearly 10%, its price could be finally looking at a significant breakout.
Specifically, Solana seems to be preparing for the next leg higher, considering its 50-day exponential moving average (EMA) has caught up to its price, flashing a ‘buy,’ as well as printing higher lows again, as per the observations by crypto analyst Jelle shared in an X post on February 23.
On top of that, according to the pseudonymous crypto market specialist, the fifth-largest digital asset by market capitalization is currently looking at a major resistance level in the area of $125, the breaking of which could trigger a massive takeoff, as “all bets are off.”
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Solana price analysis
As things stand, Solana is currently trading at $101.49, which suggests a decline of 3.40% on the day and a 9.47% drop over the week, whereas, on its monthly chart, it has increased 16.50%, according to the latest information retrieved on February 23.
Indeed, Solana could meet the analyst’s expectations and make a massive rally soon, particularly as these bullish predictions coincide with other positive developments surrounding its ecosystem, such as the all-time sales volume of Solana-based non-fungible tokens (NFTs) surpassing $5 billion.
Should the forecasts truly materialize, this could make Solana the best life-changing cryptocurrency to buy in 2024. However, it is important to keep up with the developments and carry out one’s own research before investing a major amount of money in any asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
