Solana Hits New All-Time High Before Retracing 20% Then Bouncing Back
Solana (SOL) experienced significant volatility over the weekend, reaching a new all-time high of $295 before retracing over 20% to $229. However, it rebounded to $272, indicating strong demand and bullish sentiment.
- Top analyst Jelle noted key levels have turned into support, suggesting continued bullish momentum.
- Market participants are monitoring Solana closely as it trades near its all-time high.
- Expectations of pro-crypto policies following President-elect Donald Trump’s inauguration may further boost market sentiment.
- Jelle cautioned that more volatility could occur but emphasized SOL's strong foundation for potential upward movement.
Currently trading at $264, Solana is testing its previous ATH from late November. The price has fluctuated between $229 and $295 recently, demonstrating increased interest in SOL.
- If SOL maintains momentum and breaks above $295, it could enter a phase of rapid gains.
- Overall market optimism and favorable technical indicators position Solana for potential further surges.