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Solana (SOL) has seen a massive 35% weekly surge to a new year-high of $220, closing last week above levels not since in nearly three years. As the cryptocurrency soars and whales accumulate, some market watchers suggested SOL is poised to fly to new levels soon.
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Solana Hits Three-Year High Price
Solana has been one of the best-performing altcoins this bull run, seeing a massive surge in the past year. The cryptocurrency recently flipped Binance Coin (BNB) as the fourth-largest crypto by market capitalization after nearing the $190 price range last Wednesday.
Since then, Solana has broken past the long-awaited $200 barrier and reached a $100 billion market capitalization, cementing its title as one of the cycle’s leaders. Moreover, SOL’s surge above $200 represented a breakout from a 34-week accumulation zone, which saw the token’s price move between the $210 and $110 range.
SOL closed its massive week with a 35.6% jump above $215, recording the fourth-largest weekly close in the token’s history. Additionally, Solana hit a three-year high price, challenging November 2021 levels.
SolanaFloor noted that SOL has seen a 291% increase in the past year, as the cryptocurrency was trading at $56 on November 11, 2023. The token has also seen a massive 1350% surge from its price two years ago when it fell as low as $10 after FTX’s collapse.
Solana’s recent performance has fueled investor and market watchers’ bullish sentiment, with large-scale investors seemingly preparing for SOL’s new highs. According to On-chain data firm Lookonchain, whales have been accumulating the cryptocurrency.
The post highlights that an investor has bought millions of dollars in SOL tokens since October 22. On Sunday, the whale purchased another 7,500 SOL, around $1.57 million, raising its total holding to 257,599 SOL, worth around $56.6 million at the time of writing.
SOL’s Pathway To $260
Following SOL’s breakout, some crypto analysts suggested that Solana is about to hit a new all-time high (ATH). Market watcher CryptoHornHair asserted that the token will soon enter price discovery mode like Bitcoin (BTC). BTC is leading the crypto market’s rally, registering a staggering 23% weekly surge and hitting a new ATH of $84,929 today.
The analyst stated that Solana has “no resistance to be found on SOL above $216 until new ATHs.” Altcoin Sherpa also noted that Solana is near ATH territory, suggesting that the $260 target is around the corner.
Similarly, Rekt Capital pointed out that the token is “technically well-positioned to repeat history with a move to $260 over time.”
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The analyst considers SOL’s “momentous weekly close” and retests of the old $202 resistance as support has primed Solana for a surge to the ATH resistance levels. Per the post, the last time SOL performed a weekly close like this, it rallied to $260.
At the time of writing, Solana is trading at $219.56, a 6% surge in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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