Solana is in price discovery mode after the new all-time high price; According to analysts, the SOL token could see another 15% increase. Solana hit an all-time high of $218. Further upside can be expected as SOL price enters exploration mode. One particular technical pattern predicts prices to rise to $250. Details now cryptocoin.com‘in.
Will Solana (SOL) continue to rise?
Solana continues to move upwards after breaking all resistance levels preventing it from reaching its upside potential. Given the absence of any hurdles ahead, the SOL token is poised for further gains, according to analyst Ali Martinez. Reaching such a milestone has not been easy, as the sixth-largest cryptocurrency by market cap entered a period of recession after hitting a record high of $216 on September 9. The spike in buy orders on October 20 allowed Solana to exit the consolidation model. Although prices have increased more than 34% since then, SOL may still have more room to rise. Measurement of the y-axis of the triangle added to the breakout point predicts another 15% increase. If confirmed, further upside pressure could catapult Solana to $250 or higher.
It’s worth noting that speculators can expect a bullish announcement at Solana’s upcoming Breakpoint conference in early November. However, if the conference fails to meet traders’ expectations, a “sell the news” event could occur, adding to the downward pressure on Solana. According to the analyst, a correction could occur under these conditions and push the SOL token back to the $195 support level.
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