Skip to content

All eyes on $125 as Solana prepares for takeoff

All eyes on $125 as Solana prepares for takeoff

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.”

Solana price action analysis. Source: CryptoJelleNL

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.

Solana 30-day price chart. Source: Finbold

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.

Solana-based NFT sales volume chart. Source: CryptoSlam

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.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts