Solana (SOL) Reaches New Year-High Price of $220
Solana (SOL) experienced a 35% weekly increase, reaching a year-high of $220 and closing above levels not seen in nearly three years. This surge has led market analysts to suggest that SOL may be on the verge of further gains.
Solana Achieves Three-Year High
Solana has emerged as a leading altcoin during this bull run, recently surpassing Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization after approaching the $190 range last Wednesday.
The cryptocurrency broke past the $200 mark, achieving a $100 billion market cap and marking a breakout from a 34-week accumulation zone where prices fluctuated between $110 and $210.
SOL concluded the week with a 35.6% increase above $215, recording its fourth-largest weekly close historically. The price reached levels reminiscent of November 2021.
Data from SolanaFloor indicates a 291% increase in SOL's value over the past year, rising from $56 on November 11, 2023. Additionally, there has been a 1350% recovery from a low of $10 following the FTX collapse two years ago.
Investor sentiment remains bullish, with large-scale investors accumulating SOL. On-chain data from Lookonchain reveals that a whale has increased its holdings significantly since October 22, purchasing 7,500 SOL for approximately $1.57 million, totaling 257,599 SOL valued at around $56.6 million.
SOL’s Potential Path to $260
Following its recent breakout, analysts predict that Solana could reach new all-time highs (ATH). Market analyst CryptoHornHair noted that SOL is likely to enter price discovery mode similar to Bitcoin (BTC), which has surged 23% recently, achieving an ATH of $84,929.
The analyst stated that there is no resistance for SOL above $216 until it reaches new ATHs. Altcoin Sherpa echoed this sentiment, suggesting that the $260 target is imminent.
Rekt Capital also indicated that SOL is positioned for a move towards $260 over time, citing its significant weekly close and retests of the previous $202 resistance as support. Historically, such patterns have preceded rallies to $260.
As of now, Solana is trading at $219.56, reflecting a 6% increase in the daily timeframe.
