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Solana (SOL) saw its biggest weekly gain of 35% to a new year high of $220, closing last week above levels from nearly three years. As the cryptocurrency soars and whales pile up, some market watchers have suggested that SOL is poised to fly to new levels soon.
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Solana Hits Three-Year High
Solana has been one of the best-performing altcoins in the bull market, seeing significant growth over the past year. The cryptocurrency recently replaced Binance Coin (BNB) as the fourth largest crypto by market capitalization after approaching the $190 price range last Wednesday.
Since then, Solana has crossed the long-awaited barrier of $200 and reached a market capitalization of 100 billion, cementing its title as one of the leaders of this cycle. In addition, the increase of SOL above $200 represents an exit from the 34-week accumulation zone, which saw the movement of the price of the token between the range of $210 and $110.
SOL closed its biggest week with a 35.6% jump above $215, recording the fourth largest weekly close in the token’s history. Additionally, Solana hit a three-year high, challenging November 2021 levels.
SolanaFloor noted that SOL has seen an increase of 291% in the last year, as the cryptocurrency was trading at $56 on November 11, 2023. The symbol has also seen a huge increase of 1350% from its price two years ago when it fell sharply. $10 after FTX crash.
Solana’s recent performance has fueled the interest of investors and market watchers, as large investors appear to be preparing for new highs for SOL. According to On-chain data company Lookonchain, whales have been hoarding cryptocurrency.
The post highlights that an investor has bought millions of dollars in SOL tokens since October 22. On Sunday, the whale bought another 7,500 SOL, worth around $1.57 million, raising its total holding to 257,599 SOL, worth about $ 56.6 million at the time of writing.
SOL Method Goes to $260
After the SOL breakout, some crypto analysts have suggested that Solana is about to hit a new all-time high (ATH). Market watcher CryptoHornHair asserted that the token will soon enter price recovery mode like Bitcoin (BTC). BTC is leading the crypto market rally, registering an impressive 23% weekly increase and hitting a new ATH of $84,929 today.
The analyst said Solana “has no resistance to be found in SOL above $216 until new ATHs.” Altcoin Sherpa also noted that Solana is close to the ATH zone, suggesting that the $260 target is near.
Similarly, Rekt Capital pointed out that the token is “technically well-positioned to repeat history by moving to $260 in the near future.”
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The analyst is looking for a “big close of the week” for SOL and a retest of the old resistance of $202 as the support has helped Solana to rise to the ATH resistance levels. By post, the last time SOL made a weekly close like this, it went up to $260.
At the time of writing, Solana is trading at $219.56, a 6% move in the daily timeframe.
Featured image from Unsplash.com, Chart from TradingView.com
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