Solana Price Poised for a Potential Breakout: Is $150 Within Reach?
The cryptocurrency market has been experiencing a relatively stagnant phase, with many large-cap assets struggling to break out of a choppy range. Solana (SOL), in particular, has been moving within a narrow range of $120 to $140 for the past few weeks. While the market has lacked clear direction, some analysts believe that Solana could be on the verge of a major breakout. Let’s dive into the potential factors behind this projection and what could drive Solana’s price higher in the near future.
Solana’s Price Struggling to Break Out
Over the last two weeks, Solana’s price has been unable to break through the $140 resistance, causing some concern among traders. With the overall market remaining indecisive, many altcoins, including Solana, have been stuck within a tight trading range. Despite this, the sixth-largest cryptocurrency by market cap is showing signs of a possible upward move.
Solana’s Current Price Action
As of writing, Solana’s price is hovering around $130, reflecting a modest 2% increase in the last 24 hours. While the price has been fluctuating within the $120-$140 range, it’s worth noting that Solana has shown resilience during these uncertain times in the crypto market. The fact that it has held steady around the $130 mark despite a lack of clear momentum suggests that there could be more upside potential if the breakout occurs.
