CoinMarketCap data shows that Solana (SOL) has gained 8.22% in the last week, putting it in the spotlight. It hit a high point of $150, which wasn’t seen since August. Even though most people are still optimistic about the market, crypto analyst Ali Martinez warned buyers.
Martinez pointed out in a post on X (formerly Twitter) that Solana is getting close to a key support level at $154. If the price of the cryptocurrency doesn’t break through this level, it might go down a lot. Martinez said that on Solana’s daily chart, there is strong support at $154, which goes back to May.
Solana Could Drop To $85
If the currency is turned down at this price, it might fall to around $128 in the best case. But stronger selling pressure could bring Solana’s price as low as $85, which would be a 44.1% drop from what it is now. On the other hand, Solana could reach $190, a 23.37% increase, if it can break through the $154 barrier.
The price of Solana has gone up by 1.24% in the last 24 hours, to $147.37, but the number of trades has gone down by 58.13%. Even though the market has been unstable, the altcoin has been strong, with gains of 7.65% and 2.27% over the last week and month, respectively.
As the last quarter of 2024 comes, Solana is still seen as one of the best cryptocurrencies for making funds. This is because it has a strong meme market worth $6.56 billion and is still developing its network.
In similar news, Coinbase wants to connect the SOL network to cbBTC, its brand-new wrapped Bitcoin asset. This move was made public at the Breakpoint conference by Coinbase executive Hassan Ahmed. It is due to customer demand for SOL. The cbBTC product, which is set at 1:1 with Bitcoin, was released on the Ethereum and Base networks and can be bought in some places but not in New York.
