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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Can Solana Sustain Its Recent Rally? What Traders Should Know

Christian Encila
Christian Encila
1 year ago
3 mins read
Solana

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Solana (SOL) has been making waves in the cryptocurrency market with an impressive price performance since the beginning of 2023. The digital currency has recorded a staggering 195% increase in its value during this period, leaving traders and investors eager to know whether this rally can be sustained in the months to come.

From its humble beginnings at $9.97, the price of SOL has rapidly ascended to nearly $30 in the span of just 10 months. At the time of writing, SOL is valued at $30.72 at CoinGecko, boasting impressive 24-hour gains of 3.6% and an astonishing seven-day rally of 38.9%.

Technical analysts are cautiously optimistic about SOL’s future trajectory. They suggest that under the right conditions, SOL could potentially double in value. According to a recent price analysis report, the coin might appreciate to $32, although this uptrend is expected to proceed at a more measured pace compared to the aggressive pump witnessed in July.

SOL price action in the last week. Source: Coingecko

Recent price action at around $30 certainly raises questions about SOL’s potential to reach $32, but many factors remain in play. What’s undeniable is that Solana’s impressive performance relative to major cryptocurrencies makes it an asset worth watching closely.

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Solana Key Levels And Potential Scenarios

If SOL’s upward momentum continues, there are several notable price targets to watch for. The key resistance levels to keep an eye on are at $30, $32, $33.8, and $37.4.

If the cryptocurrency manages to break through these levels, it could signal a sustained bullish trend, and investors may consider these points as potential areas for profit-taking or reassessment of their positions.

Alternatively, if selling pressure prevails in the near future, SOL could decline to the crucial support at $24, indicating a potential shift in the trend. Keep an eye on $24 as a significant level for decision-making.

Related Reading: Solana On Fire With Over 34% Rally Within A Week – Details

SOL market cap currently at $12.956 billion. Chart: TradingView.com

A Promising Breakthrough

In a separate report, it is highlighted that Solana has successfully overcome the $25.86 hurdle after nearly a year of struggling to do so. This achievement serves as a testament to the strength of the bullish sentiment within the SOL market.

However, investors should be prepared for a potential minor pullback to $25.86 or $24.43 as part of the ongoing price action. A rebound from these levels is crucial for kickstarting a rally with the ambitious target of $69.79 in sight.

Solana’s impressive run so far in 2023 has not gone unnoticed. With technical indicators and support levels in play, traders and investors should keep a keen eye on SOL, as it navigates its way through the volatile crypto landscape, offering both opportunities and risks in the quest for substantial gains.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Servcorp

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Christian Encila
Christian Encila

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.

Read more

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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