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Following a period of market turbulence, Solana (SOL ) has broken free from a three-day downward trend, boosting investor confidence in its short-term outlook. An analyst has hinted that SOL could soon surpass $300 if it successfully reclaims a key level.
Solana Maintains Stability Amid Market Fluctuations
Ranked as the fifth-largest Cryptocurrency by market capitalization, Solana has demonstrated impressive performance in recent days, driven in part by the launch of US President Donald Trump's token.
President trump officially introduced his memecoin, TRUMP, on the Solana network last Friday, sparking a three-day frenzy in the crypto market. This surge propelled TRUMP to an all-time high (ATH) of $75 with a market cap reaching $15 billion.
During the frenzy, Solana surged by 25% within 24 hours, reaching $270 and subsequently hitting a new ATH of $295.83. Additionally, Solana 's Total Value Locked (TVL) surpassed its 2021 record, now standing at $12.1 billion according to DeFiLlama data.
Analyst Rekt Capital highlighted the importance of SOL closing above $250 for the week and undergoing a potential retest to confirm its breakout from the re-accumulation range. Despite a 12% price drop following the launch of another Trump-related memecoin, SOL closed the week at $241.
Over the weekend, First Lady Melania Trump announced the launch of her own memecoin, MELANIA, causing a 6.6% correction in the crypto market. This correction briefly pushed Bitcoin below $100,000.
However, SOL managed to hold above the breakout levels from the weekend, fluctuating between $230 and $270 but struggling to sustain levels above $260.
SOL Poised for a Surge Toward $300
On a Wednesday, Solana saw a 10% surge to $264 before retracing its gains. Analyst Jelle suggested that the“SOL hourly chart seems poised for a push towards $300 this month.”
Jelle noted that Solana had broken free from a three-day downtrend following the“Post-Trump memecoin launch,” with indicators like moving averages signaling a return to bullish territory. The analysis also indicated that SOL was attempting to reclaim its performance levels from November.
Jelle expressed optimism about SOL 's bullish momentum, suggesting that the cryptocurrency is on the verge of entering uncharted price territory similar to Bitcoin . Additionally, Solana has successfully turned its previous high against Ethereum (ETH ) into a support level.
Reclaiming the $260 range could propel SOL to new highs, with Jelle stating,“Reclaim $264, and all bets are off.” Another analyst, Nebraskangooner, shared a positive outlook for Solana , highlighting its consolidation at all-time highs as a bullish signal.
Analyst Byzantine General indicated the possibility of some price volatility due to resistance levels, but overall, Solana appears strong in the short term. At the time of writing, SOL is trading at $255, showing a 2.5% daily increase.
Crypto Investing Risk Warning
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Don't invest unless you're prepared to lose all the money you invest.
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