Post by
cryptoalerts on Oct 17, 2024 7:44am
Solana Price Update: Can SOL Rally Back Above $160?
Solana (SOL) has faced challenges in its price recovery, struggling to break through the stubborn resistance level of $160. Despite a promising start last week, where SOL rose nearly 5% to reach $145, the momentum has faltered. Over the weekend, SOL made slight gains, finishing at $147 after increases of 0.66% and 0.91%.
As we consider the Sol price prediction, the outlook remains mixed. On Monday, a bullish push saw SOL rise nearly 7%, settling at $157, but this was short-lived as it dipped back below the 200-day SMA to a low of $150 on Tuesday. As of now, SOL is trading around $152, with sellers eyeing a potential drop below $150, which could lead to a decline towards $140.
However, if buyers can maintain support above $150, there’s hope for another attempt to breach the $160 barrier. Historically, Solana has been a high performer, skyrocketing from $1.50 to an all-time high of $258.93 in 2021. Recent increases in decentralized finance (DeFi) activity may position SOL for future gains, with speculation that it could rally towards the ambitious $1,000 mark as new investments flow into the ecosystem.
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