Solana (SOL) seems to be heading for a price recovery for the next few days or weeks, which could take it above its all-time high of around $260.
The rising price of bitcoin (BTC) and the rest of the cryptocurrencies has not gone unnoticed by SOL. The altcoin managed a 43% rise in the last seven days, to hold above $22 at the time of writing.
Several experts claim that this move may be the beginning of a broad rally in the price of Solana.
In that regard, cryptocurrency analyst ImmortalCrypto noted that SOL could repeat the price action recorded by Ethereum (ETH) in 2021.
That year, ETH took advantage of the bull rally to show a remarkable surge, rising from $200 to reach an all-time high of $4,868, in November 2021.
The expert argues that SOL could follow the same pattern of rising prices, after considering the clear similarities observed in the SOL/USDT chart.
“SOL has strong support at $22.84 with its closet resistance at the $60 level. By implication, SOL could go beyond its all-time high of $259.9 if the $60 resistance is broken,” he noted.
Yes or no. pic.twitter.com/W2ZYlkG1CT
— Inmortal (@inmortalcrypto) September 6, 2022
Meanwhile, fellow Altcoin analyst Sherpa mentioned that while some pullbacks could be seen, the outlook for the Solana network-native token is bullish.
However, he pointed out that the short-term performance of the altcoin would depend on the performance of the bitcoin price.
The expert expects Solana to break price resistance at $26.5, before moving into a non-linear pattern to reach $30, if BTC remains in an uptrend.
$SOL: Do we think this #Solana run is going to keep going? I could see more upside to the mid $30s from here if $BTC continues. Ultimately, though, I think that we fill the gap with trading volume between $17-$28 or so. Probably going to eventually trade there. pic.twitter.com/oSdc7BH692
— Altcoin Sherpa (@AltcoinSherpa) January 16, 2023
Solana was one of the tokens most affected by the controversial bankruptcy of cryptocurrency exchange FTX, in which thousands of users lost millions of dollars due to one of the largest financial scams in history, perpetrated by Sam Bankman-Fried, former CEO of FTX.
Bankman-Fried was a strong advocate of Solana, the blockchain that is touted as a faster alternative to the Ethereum network.
In fact, the former FTX CEO backed several projects in the Solana ecosystem and his companies accumulated huge sums of the SOL token.
As a result, Solana fell more than 96% from its all-time high in November 2021 after the exchange crashed.
And although it is currently 91.23% from that level, its recovery seems to indicate that SOL could be trading back above $260.
At the time of writing, the price of SOL is $22.74, down 3%.
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that cryptoasset investments are not regulated in some countries. They may not be appropriate for retail investors, as the full amount invested could be lost. Check your country’s laws before investing.
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