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Is Solana (SOL) Gearing Up to Take Another Shot at ATH?

One of the fastest blockchain networks in the world right now, Solana (SOL) is trading somewhat steady after a bit of slide as it works its way back towards the ATH it touched earlier this week. At the time of writing, SOL/USDT is trading at around $71.24, up by over 60% in the past seven days and overtaking Uniswap to become the tenth largest crypto by market capitalization.

Solana has received a boost over news that leading video-based social network TikTok has partnered with music streaming platform Audius. Audius is built on the Ethereum and Solana blockchains, and the partnership will let its users upload their music and share them easily over TikTok’s interface.

The potential Ethereum killer that boasts significantly higher transaction speeds at far lower costs soared to a new high earlier this week after the successful sale of Degenerate Ape Academy’s NFT collection on its NFT platform, Solanart. The project saw sales of more than 135k SOL so far, driving up significant interest among investors in Solana’s offerings. Its recent strength has also generating higher interest among investors, especially because of the benefits it offers in the DeFi space.

A leading crypto trader and influencer, Smart Contracter, anticipates that Solana could soon soar to new ATHs, with its price rising by as much as 130%. According to his technical analysis, the SOL token’s value could breakout to around $150 in the coming sessions.

Key Levels to Watch

Technical analysis of the H4 chart of SOL/USDT reveals a strong bullish bias among moving averages and the momentum indicator. Although, the MACD suggests some selling interest among investors as well.

Solana’s price is holding comfortably above the pivot point at $48.22 and buyers have shot past two resistance levels at $60.10 and $66.67. Looking ahead, a build-up of buying interest can not only take SOL to a new ATH but move further until encountering resistance at $85.12.

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Aiswarya Gopan
Financial Writer & Editor - Asia & Europe Desk
Aiswarya Gopan is a former cybersecurity analyst, tech journalist and market researcher, who joins FX Leaders with over three years of experience in the blockchain industry. Aiswarya's areas of focus include market news out of the Asian and European markets as well as news coverage on cryptocurrencies.
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