Solana Breakout Looms – Will SOL Retake $100 Before Start Of February?

Christian Encila

1 year ago

3 mins read

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Solana, the high-performance blockchain darling, spent today grappling with the $100 mark. Having rallied to within spitting distance earlier, the native token (SOL) retreated slightly but held onto most recent gains, hovering primarily above $97. This price point has emerged as a key battleground, analysts say, with significant selling pressure poised at the century mark.

Solana’s 2023 Surge And Challenges

2023 was a stellar year for Solana, a stark contrast to its previous rollercoaster ride. Fuelled by factors including network upgrades and booming DeFi projects, SOL soared to a record high near $125 in December, clocking in a staggering 1,100% gain since January.

Despite today’s hesitation, Solana’s performance continues to draw admirers.

“I see it as a potentially even better protocol than Ethereum for major crypto uses,” declared Joe DiPasquale, CEO of BitBull Capital, praising its speed, low fees, and increasing popularity.

SOL 24-hour and seven-day price action. Source: Coingecko

This sentiment echoes widespread confidence in Solana’s technical prowess. Hosam Mahmoud, a research analyst at CCData, highlights the growing number of active wallets and record transaction volumes on the network as key drivers of investor faith. “These metrics, along with consistent advancements, are reinforcing bullish sentiment,” he explains.

However, the climb to $100 hasn’t been smooth. Armando Aguilar, an independent analyst, points to persistent selling pressure around this level, noting its “ongoing” rejection by the market. This raises questions about whether Solana can break through resistance and sustain its momentum.

Solana currently trading at $97.29 on the daily chart: TradingView.com

Crypto Uncertainties: Bitcoin Consolidation, Solana Strength

The expansive realm of the cryptocurrency market is not immune to uncertainties, and its dynamics are often shaped by the performance of key players. Bitcoin, regarded as the bellwether of the digital currency space, has recently displayed indications of consolidation following a noteworthy rally.

The future trajectory of the top coin is of particular significance, as its movements have the potential to exert a substantial impact on the overall market sentiment, including that of Solana.

Despite the near-term hurdles, Solana’s fundamentals remain strong as it stands at a crossroads. While the $100 barrier presents a challenge, the underlying strengths of its network and the bullish whispers from analysts paint a promising picture.

In the face of extreme volatility of digital currency markets, some commentators have voiced their optimism for the Solana network and its native cryptocurrency.

Portfolio Manager Brett Munster of Blockforce Capital is one of these market watchers. He made notice of Solana’s strong momentum as the year winds down.

Whether Solana can conquer its resistance and continue its ascent remains to be seen, but one thing’s clear: the high-performance blockchain is far from fading into the background.

Featured image from Freepik, 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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