According to crypto analytics firm Santiment, Solana has seen a significant leg up in market value this weekend, with traders pushing prices above $60 for the first time since May 2022. Santiment notes Solana FOMO has picked up markedly, with positivity at its highest level in over a year.
$61 Resistance Tapped
Crypto analyst Rekt Capital points out Solana also tapped the $61 resistance level, even overextending beyond it. Rekt Capital believes it would be entirely healthy for Solana to pullback to $42 after this surge. Generally, a monthly close above $60 would be bullish and could invalidate a downward path.
Accumulation Breakout Signals
Trader Bluntz sees the move as a beautiful low timeframe accumulation breakout for Solana. Bluntz thinks Solana just put in a running flat correction and is ready to head towards new highs next.
Read also:
- The Most Accurate Price Band for Bitcoin Shows BTC’s Bull Surge Isn’t Over, Reveals Target Price
- Biggest Meme Coins, Dogecoin and Shiba Inu, Gear Up for Massive Bullish Rallies, but There’s a Catch
- Breaking: Investors Shift from TRON to Emerging Crypto Star for Promising Returns
Bullish Signs But Retracement Possible
The positive metrics and technical breakout are bullish signs for Solana in the short-term. However, hitting key resistance around $60 and overextending suggests a retracement to $42 is possible to cool overheated indicators before additional upside. The $42 area could provide support and give Solana a launchpad for its next leg up after a healthy reset. For now, traders are eyeing a monthly close above $60 for confirmation.
Check $RECQ Meme Coin
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.