Solana Price up 10% in Past 7 Days – What’s Next?

Despite the recent turmoil, Solana's resilience has kept it in the sights of analysts and investors alike, who have been keeping a close eye on its price action.

As this period of consolidation unfolds, speculation is growing about the potential for huge gains ahead. Some market pundits are already predicting that Solana could rocket towards its all-time high of $260 later this year, thanks to its robust ecosystem and continued acceptance.

One of the crypto analysts at Platform X, known as “Jelle,” recently shared a technical analysis chart that highlights the mid-cycle consolidation phase above the $130 mark. Jelle compares this phase to the 2021 consolidation period that preceded the aggressive move higher that elevated its price to new heights.

The chart suggests the current phase could similarly lead to significant gains, with the analyst setting a target of $260 – SOL’s previous all-time high.

The analysis suggests that a test of this level is likely, especially if price can overcome the yearly high of $209. This level represents a key resistance point and clearing it could signal the start of a new bullish trend.

$SOL is starting to move.

It’s time for >$260.

Let’s roll. https://t.co/qZp8zWwA9b pic.twitter.com/8HFu4CETfQ

— Jelle (@CryptoJelleNL) August 24, 2024

As Solana continues to consolidate, price action in the coming days will be crucial in determining whether the asset can gain the momentum needed to push to new highs. Investors and traders are watching this development closely, anticipating a potential breakout that could lead to price returning to its peak levels.

Solana is currently trading at $159, positioned above its 200-day moving average, which is located at $151.33. This comes after a significant market-wide surge on Friday that boosted the price by more than 10% in just two days. The asset is now at a key juncture as it tests local supply levels.

In order for the price to continue its upward momentum, it needs to overcome the $163.62 mark, the local high established on August 8. Consolidation above this level would signal strength and could lead to further gains, potentially setting the stage for a move to new highs.

However, if it fails to break this resistance, a period of range trading below the $163 level is expected.