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Solana (SOL) is leading the crypto market recovery following the massive Monday crash. SOL registered some of the largest gains after reclaiming the $140 support zone on Tuesday morning. Its strength was highlighted by several market watchers, who shared their bullish predictions for the token. However, an analyst warned investors of a key level to watch out.
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Solana Leads The Market Recovery
As the crypto market recovers, Solana saw a massive 30% bounce from its lowest trading price of $110, registered on Monday. This performance crowned SOL the biggest gainer among the top 10 cryptocurrencies by market capitalization, surpassing Bitcoin (BTC) and Ethereum (ETH)’s recovery.
Pseudonym trader Glitch Capital compared BTC, ETH, and SOL’s charts, deeming Solana’s the “best looking one out of the three” by far. To the trader, SOL “swept lows into $120 support and held nicely” compared to the two largest cryptocurrencies.
Per the post, the token is testing its M15 trend as resistance, which could give SOL a decent push,” if it can flip this trend into support. Similarly, trader Eugene Ng Ah Sio praised the token’s performance. “One thing of note is the absolute monstrous strength $SOL shows, whether it’s rain or shine,” said the trader in an X post.
Based on the chart, the trader believes “it’s pretty much given” that the cryptocurrency will hit a new all-time high (ATH) “at some point” during this cycle as “there are simply more buyers than sellers.”
Crypto Jelle, market analyst and investor, reaffirmed his SOL forecast as the token was “still holding the key support area, and the weekly candle is green.” In a previous analysis, Jelle stated that Solana looked “ripe to push higher.” Jelle predicts the token will reach a new ATH during Q4 2024 and set a $600 price target for this cycle.
SOL Price Could See Another 10-15% Drop
Despite the bullish sentiment, Ali Martinez revealed that SOL’s TD Sequential indicator showed a sell signal on the hourly chart. This signal suggested the token could potentially lose the $140 support zone, which it’s been testing throughout the day.
Failing to maintain this support level could trigger a retrace to the $135-$130 price range. According to the analyst, Solana could find some relief at the $146 mark as “breaking the risk line (…) would invalidate this signal.” Moreover, reclaiming this level could “potentially drive SOL up to $150-$166” resistance levels.
Altcoin Sherpa believes investors have a good accumulation range within the $125-$150 prices. To him, Solana remains one of the strongest performers of the bull run and will be “one of the best retail chains this cycle.”
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Additionally, Sherpa highlighted SOL’s “strong reactions today” but forecasted another drop to the $125 mark soon. “I still think you get another shot at $125 or lower in a few weeks, personally,” said the analyst. As of this writing, Solana is trading at $148, a 10% surge in the last 24 hours.
Featured Image from Unsplash.com, Chart from TradingView.com
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