Altcoin
Can Solana SOL fight off the bears this weekend?
The volatile nature of the cryptocurrency market has come to light. Some assets are recording gains, while most of them are painted red. Solana [SOL] managed to rise 5% and hit a high of $159 today. But a small correction brought the altcoin back to $151. SOL has seen a decline of 12% in the last seven days. This was in sync with the rest of the market. The altcoin has seen an 880% year-on-year increase.
It looks like Solana’s hot streak will be broken this weekend. According to data from Changelly, SOL is likely to witness a downtrend in the next couple of days. The asset will fall nearly 4% and trade as low as $152.99.
Crypto analyst Ali Martinez has brought confidence back to the market with his latest prediction. He stated that Solana could increase by 53%. The analyst highlighted that two price levels are crucial. $143 acts as support and $178 acts as a strong resistance level. Martinez noted that these levels will decide the direction of SOL’s breakout.
Read also: Solana (SOL) drops 12%, when will it recover $170 again?
How can Solana achieve an upward breakout?
Different elements such as the regulatory climate influence the cryptocurrency market. Solana, as an individual network, has profited from the increased activity in the meme coin industry. But most SOL-based meme coins were noticing a decline at the time of writing this article. The market capitalization of these assets has seen a collective fall of 4.6% in the last 24 hours.
Increased interaction and network activity increases the price of the good. A drop in this will have the opposite reaction on SOL. The altcoin will also benefit if the Solana network implements technological developments.
Read also: Will Solana’s BONK be able to erase a zero in June 2024?