Solana Soars Above $150 – Here’s What Could Extend Gains

Solana's price started this week quite strong, even breaking the $145 resistance and surpassing the $150 barrier, reaching a high of $154, according to CoinMarketCap.

At the time of writing, SOL is trading at around $152, representing about a 4.3% gain over the past 24 hours and 9% over the past week.

The next significant resistance is believed to be near $155. A successful close above this level could pave the way for another steady advance, with the next key resistance near $165. Further gains could potentially push price above $170.

If the cryptocurrency fails to hold above $152, it could lead to a downward correction. Initial downside support is near the $150 level and the next support is near the $147 level.

FTX’s bankruptcy could have unintended consequences for the crypto market. As the shuttered exchange prepares to redistribute $16 billion to its affected customers, experts predict significant buying pressure on Bitcoin and Solana.

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The potential approval of the Solana ETF could also incite price moves. However, Gracie Chen, CEO of Bitget, remains cautious. He thinks it is unlikely that the U.S. will launch any other crypto ETFs besides the one for Ethereum in 2024.

Moreover, Solana’s technical features, such as high transaction speed and low fees, continue to make it a popular choice for both consumers and investors.

Solana’s circuit metrics also highlight a thriving and well-utilized network. With daily transactions consistently exceeding 100,000, there is a clear sign of strong demand for the platform. This robust activity reflects continued user confidence and a solid foundation for the network’s growth.

Alexander Stefanov