The volatile nature of the cryptocurrency market has been coming to the surface. A few assets are enjoying gains while a majority of them are painted red. Solana [SOL] has managed to rise by 5% and hit a high of $159 earlier today. But a minor correction put the altcoin back to $151. SOL saw a 12% decrease over the last seven days. This was in sync with the rest of the market. The altcoin recorded an 880% annual rise.
It looks like Solana’s hot streak will be interrupted this weekend. According to data from Changelly, SOL will likely witness a downtrend over the next couple of days. The asset will dip by nearly 4% and trade at a low of $152.99.
Crypto analyst Ali Martinez brought back confidence into the market with his latest prediction. He stated that Solana could rise by 53%. The analyst highlighted two price levels to be crucial. $143 stands as support and $178 acts as a strong level of resistance. Martinez noted that these levels will decide the direction of SOL’s breakout.
Also Read: Solana (SOL) Dips 12%, When Will It Reclaim $170 Again?
How Can Solana Achieve An Upward Breakout?
Several elements like the regulatory climate influence the crypto market. Solana, as an individual network, has been profiting from increased activity in its meme coin sector. But most SOL-based meme coins were noting a dip at the time of writing. The market cap of these assets saw a collective downfall of 4.6% over the past 24 hours.
Increased interaction and network activity boost the price of the asset. A drop in this will have the opposite reaction on SOL. The altcoin will also benefit if the Solana Network rolls out technological developments.
Also Read: Can Solana’s BONK Delete a Zero in June 2024?