The digital currency ecosystem is in a bullish rebound mode as the combined market cap jumped 7.87% in 24 hours to $2.45 trillion setting the pace for Solana (SOL) and other altcoins to soar. This observable recovery is coming after days of inconsistent rally spearheaded by Bitcoin (BTC).
Solana In the Spotlight – The 53% Play
According to top market analyst Ali Martinez, Solana is making a good play for a mega rebound ahead. According to him, the coin is on track for a 53% surge from its current level. This projection comes amid a likely breakout from an ascending triangle pattern.
#Solana is set for a major 53% price move! Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the $SOL trend. pic.twitter.com/SB9tJ6D02u
— Ali (@ali_charts) June 12, 2024
At the time of writing, the price of Solana is pegged at $152.02, up by 0.38% in the past 24 hours. Should the projection from Martinez come to pass, Solana is poised to soar more than $232. If this happens, it will be the highest price for SOL in the past year while pushing it closer to its All-Time High (ATH) of $260.06.
While painting the prospective growth ahead, Martinez also offered some cautionary tales to adhere to. He pointed at the $143 support and $178 resistance levels as crucial points in determining the direction of Solana.
Wielding The SOL Advantage
Solana is notably one of the most revered altcoins in the market at the moment. Besides solidifying its position as the 6th largest digital currency by market capitalization, it harbors some of the most interesting projects in the industry.
While Ethereum is known as the hub for Decentralized Finance (DeFi), Solana is now known for its memecoin support. From Andrew Tate and the Top G burning to Circle Launching its Web3 services to empower Solana developers, the protocol’s advantage as a robust ecosystem might boost Martinez’s projections.
Overall, Solana might prove JPMorgan wrong as the banking giant recently raised a pessimistic outlook on the coin.
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