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Solana’s (SOL) price has been making significant gains recently, with the cryptocurrency surging by over 7% in a week. While there is no guarantee of continued growth, technical indicators are signaling a potential rally above $145.
A recent tweet from popular analyst CryptoCurb highlights the impressive fundamental performance of Solana. The trader notes that if Solana continues to scale at its current pace and maintain minimal disruptions, it’s possible for the cryptocurrency to reach as high as $2,000.
This level would be equivalent to a market capitalization of over $1 trillion, potentially surpassing Ethereum’s previous market valuation during the 2020 cycle. CryptoCurb’s prediction is based on Ethereum’s past performance, where it grew exponentially despite scalability issues and excessive fees.
While this target seems ambitious, Solana has been gaining significant traction recently. It has managed to bounce back from a brief dip below $125 support, which could be interpreted as a bear trap or a fakeout. The cryptocurrency’s recovery is now intact, with the recent weekly gain of 7.81%.
However, Solana still faces significant hurdles before reaching these more ambitious targets. Short-term resistance levels include the $142 mark, followed by major barriers at $145 and $150. If SOL can successfully break above these levels, it could set the stage for another sustained increase.
The current bullish momentum is not without its challenges, as it will be crucial to see Solana navigate through a critical barrier between $190-$200. Any failure to rise above this level could result in a pullback.
In conclusion, while the technical indicators are indicating potential for growth above $145, investors must remain cautious due to broader macroeconomic conditions that may impact the entire cryptocurrency market.
Source: https://blockonomi.com/solana-sol-price-technical-indicators-signal-potential-rally-above-145/
