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After some volatile days, Solana (SOL) has broken out of a three-day downtrend, fueling inventors’ bullish sentiment for its short-term performance. A crypto analyst suggested that SOL might be preparing to surpass $300 soon if a key level is reclaimed.
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Solana Holds Despite Volatility
Solana, the fifth-largest crypto by market capitalization, has performed remarkably over the last week, fueled by US President Donald Trump’s token launch.
Last Friday, President Trump launched his official memecoin, TRUMP, on the Solana network after months of speculation and fake launches. The launch kickstarted a three-day crypto market frenzy that propelled TRUMP to an all-time high (ATH) of $75 and a market capitalization of $15 billion.
Amid the frenzy, Solana jumped 25% in 24 hours, hitting $270 before climbing another 9.5% to its new ATH of $295.83. Moreover, Solana’s Total Value Locked (TVL) surpassed its 2021 record of $10.02 billion and hit $12.1 billion on Sunday, DeFiLlama data shows.
Analyst Rekt Capital noted that Solana needed a weekly close above $250 followed by a possible retest to confirm its breakout from the re-accumulation range. However, the second launch of a Trump-related memecoin sent SOL’s price 12% down, closing the week at $241.
On Sunday afternoon, Us First Lady Melania Trump announced her official memecoin, MELANIA, on social media. The token received heavy backlash from the community, and the crypto market saw a 6.6% correction in a few hours, with Bitcoin dipping below momentarily $100,000.
Despite the correction, SOL held above the weekend breakout levels, hovering between the $230 to $270 price range over the last three days but failing to hold above $260 for most of this period.
SOL Preparing For Jump To $300
On Wednesday, Solana’s price saw a 10% surge to $264 before retracing. Crypto analyst Jelle highlighted that the “SOL hourly chart just looks like it wants another stab at $300 this month.”
The analyst pointed out that the cryptocurrency had broken out of its three-day “Post-trump shitcoin launch downtrend,” while indicators like moving averages were “back to bullish.” The post also noted that SOL’s recent performance was trying to reclaim November highs.
According to Jelle, the cryptocurrency displays bullish momentum and is “on the edge of entering price discovery” like BTC. He also noted that Solana has turned its previous high against its Ethereum (ETH) trading pair into support.
As a result, reclaiming the $260 range could propel SOL’s price to new highs. “Reclaim $264, and all bets are off,” he stated. Similarly, Nebraskangooner shared a positive outlook for Solana, noting that it is “consolidating right at all-time highs… no reason to think this doesn’t melt up from here.”
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Analyst Byzantine General suggested there could be “a bit more chop because we are at OI resistance, but it might have already bottomed out,” but concluded that Solana “looks pretty good” in the short term.
As of this writing, SOL is trading at $255, a 2.5% increase in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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