The News Crypto -
- Rekt Capital predicts a significant surge for Solana’s SOL token, potentially reaching $115.
- SOL has shown positive momentum, rallying 33% from recent lows and reclaiming support levels.
- The current trading price is around $104.50, following a 27% increase over the week.
Prominent crypto analyst Rekt Capital issued an upbeat short-term forecast for Solana’s SOL token this week, calling for a “significant surge” toward the $115 level. The prediction comes as Solana prices regain positive momentum after reclaiming former range lows.
$SOLSolana perfectly followed the orange path and then some+33% up and breaking back into its black-black range from a few weeks agoAny dips into the black $98.98 would act as a reclaim event of the old Range Low in an effort to rally to at least $115#SOL #Crypto #Solana https://t.co/VDDqAoCUn6 pic.twitter.com/GbVlWsCvwc— Rekt Capital (@rektcapital) January 30, 2024
According to Rekt Capital, Solana continues tracking a predetermined price path that has already powered a 33% SOL rally off recent swing lows. The advance reestablished support in a week-long trading range as technical indicators flashed increasingly bullish.
Solana regained $100 level
SOL currently trades around $104.50, building on a 27% pop for the week. Rekt Capital now eyes the $98.90 level representing SOL’s former range bottom as a potential “reclaim event” should prices correct temporarily. From there, a lift-off toward topping $115 becomes distinctly possible.
The constructive outlook aligns with reignited buying interest across cryptocurrency markets as fears from this year’s plunge abate. Solana prices logged a dramatic 60% crash in 2023 but have since carved a potential bottoming formation.
On-chain data also captures intensifying tailwinds, with SOL trading volumes spiking 60% in the past 24 hours alone. The surge has forced nearly $10 million worth of futures trader liquidations in the last day as well.
The volatility reflects how swiftly sentiment pivots across risky assets like cryptocurrencies. But analysts generally believe Solana’s strong platform usage metrics provide a favorable backdrop, especially should macro gloom lift.
Even this week’s rally merely returns SOL to levels breached last September. Nonetheless, excited Solana proponents starved for good news will take any suggestion of a durable trend reversal.
If SOL maintains or builds on its nascent breakout in the coming sessions, focus turns to the $120 barrier for evidence bears are sustaining casualties in what could become a mid-year rally.
This article was originally published on thenewscrypto.com
