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The total market capitalization of the cryptocurrency space is now at a staggering $2.45 trillion, a 7.9% spike signaling a bullish rebound in digital assets. Unsurprisingly, altcoins are leveraging the bullish trend, particularly Solana (SOL), with its 1.4% surge, per data from CoinMarketCap.
Notably, the rebound is led by Bitcoin after several days of volatility. Solana, however, is keen to jump in on the rebound, with the noted surge of the asset. This could see SOL achieve unprecedented levels in the coming days.
Per Ali Martinez, a top market analyst, Solana is likely to print a notable 53% price shift from its current level. His projections stem from a likely breakout from its ascending triangle pattern. According to data from CoinMarketCap, the coin is currently trading at a price of $151.62.
Martinez urged investors and stakeholders alike to focus on the lower and upper resistance levels of $143 and $178, respectively. This will help prospective investors measure the direction of Solana even as an optimistic growth trajectory has been projected.
Factors driving Solana’s performance
Solana’s performance in the altcoin ecosystem is hinged on several factors including a growing valuation, setting it as the sixth-largest digital currency in terms of market capitalization. Solana’s Dogwifhat recently caught the attention of Tesla’s CEO, Elon Musk, emphasizing its growing popularity overall.
Notably, according to the U.Today report, Solana will be able to hit the price projections if buyers maintain the levels gained and the candle nudges close to the $178 mark. If this happens, Martinez's projection of $178 will be easily breached, and market performance will soar.
The performance in the coming days for Solana might prove some recent negative predictions made by industry stakeholders. The financial giant JPMorgan Chase has taken a pessimistic outlook on Solana and other altcoins. According to JPMorgan, there are doubts about the prospect for either Solana or other crypto ETFs.
Market watchers are maintaining cautious optimism on Solana based on this prediction to see how they can profit from its price movement.
Gamza Khanzadaev
Vladislav Sopov
Dan Burgin