Against All Odds: Solana (SOL) Breaks Past $176 In 3-Month Push

Christian Encila

7 months ago

3 mins read

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The Solana native coin is generating news as it goes against the trend, lately surpassing $176 in a move that has piqued the crypto world’s interest. This gain is especially surprising given the sour mood around the crypto just weeks ago, with several analysts predicting the altcoin would suffer.

But Solana has defied the odds, increasing both in price and in market confidence. According to analyst Miles Deutscher, the gain coincides with a broader increase in positive sentiment for Solana, encouraging industry-wide discussions about its potential.

Solana sentiment and mindshare keeps going through the roof.

But the run is far from over.

I just uploaded an important $SOL update, including:

• My price prediction
• My top ecosystem picks

If you hold Solana, you need to watch this video 👉https://t.co/fsa8qabYHE pic.twitter.com/KX7xeG3gkn

— Miles Deutscher (@milesdeutscher) October 24, 2024

Technical signs indicate an even brighter future for the fifth-largest altcoin. According to experts, Solana’s present trajectory, which is supported by a bullish pennant pattern, indicates that SOL might reach as high as $260 if it breaks past resistance.

📈 Solana is outperforming most altcoins as prices are looking to rebound after a big fall Wednesday. The #5 market cap asset continues to be a prime example of how the crowd usually gets it WRONG. View the current bearish sentiment as a sign SOL can continue to pump. pic.twitter.com/pRkCnyxRxh

— Santiment (@santimentfeed) October 23, 2024

Increasing Interest And Technical Indicators

As Solana’s price rose, observers saw a dramatic surge in positive sentiment about the asset. According to data, the number of discussions surrounding Solana has contributed to the upsurge observed in the slant.

Mindshare (a measure of the percentage of crypto discussions a coin commands) has remained high. For Deutscher, the increasing attentiveness on Solana is a sign that there is even more room for growth, contrary to the prevailing tendency in the market.

Although some investors are wary, experts say the technical terrain is still favorable. If the item breaks over its barrier, the optimistic pennant formation in SOL’s price action usually denotes more gains. Depending on if Solana can break out from its present level, its token’s price might be positioned for a notable climb toward $260.

SOL market cap currently at $82.8 billion. Chart: TradingView.com

The Ethereum-Solana Rivalry

Surprisingly, Solana’s comeback happens at the same time that Ethereum co-founder Anatoly Yakovenko shows his accolade on Ethereum. Solana and Ethereum are competitors, but Yakovenko recently praised Ethereum’s core technology and said he liked its design and goal.

I like @BanklessHQ and ethereum. I even like the ethereum design and vision. If you told me to go build an alternative to bitcoin, ethereum settlement layer focused design is what I would steer the engineering towards.

If that’s the vision, ethereum can just embrace all the…

— toly 🇺🇸 (@aeyakovenko) October 24, 2024

This is of interest to people as they are generally two competing networks that try to outdo each other in offering superior decentralized apps and smart contracts functionality.

Ethereum has long been the preferred protocol among developers, but Solana, dubbed a “Ethereum-killer,” has quickly gained favor because to its speed and lower transaction fees. Yakovenko’s recognition demonstrates a developing sector in which competitors can acknowledge each other’s contributions to blockchain innovation.

Future Perspectives And Market Sentiment

Meanwhile, Deutscher feels Solana’s price might double or possibly quadruple, particularly if Bitcoin rises to new highs, say $100,000. SOL’s continued performance despite recent falls suggests that it may have strong community and long-term holders. For the time being, SOL is a coin to keep an eye on, and with increased sentiment and a technical boost, it appears to be on track to continue challenging expectations.

Featured image from Pintu, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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