Solana Price Slips Below $230, But Analyst Says | Crypto News
The Solana price had a comparatively better efficiency than most large-cap crypto belongings in September, posting a double-digit gain in the past month. The altcoin has made an even stronger start to October, having fun with the opening days of the month with an over 10% price leap so far.
It is value mentioning, though, that the Solana price considerably struggled going into the weekend, which has seen the loss of the $230 mark. However, the latest on-chain data suggests the SOL token may only be taking a break, as it has yet to encounter the next major impediment to its steady ascent.
Sustained Upward Run Hinges On $245 Resistance: Data
In an October 4 post on the X platform, crypto analyst Ali Martinez shared an on-chain insight into the next important resistance for the Solana price. According to the favored online pundit, the price of SOL is probably going to face major resistance around the $245 price over the approaching weeks.
This on-chain verdict is based on the SOL UTXO Realized Price Distribution (URPD) metric, which measures the quantity of a explicit cryptocurrency that was purchased at a particular price stage. These price ranges act as help and resistance ranges for Solana, as they characterize the associated fee foundation of different traders.
It is value mentioning that the strength of an on-chain help and resistance stage usually relies upon on the quantity of traders who have their value foundation at the precise price stage. According to Martinez, the next such stage is around the $245 area, where more than 5.9 SOL tokens had been acquired.
This stage is taken into account the next major resistance for the Solana price, as it’s above the current spot worth. The $245 zone is seen as a important provide wall, as a number of traders—who have been underwater for long—are doubtless to dump their belongings as soon as they break even or transfer into revenue, thereby placing important downward stress on price.
Ultimately, the return of the Solana price to its current all-time high of $293 might be in jeopardy if it fails to clear the major provide wall around $245. As noticed in the highlighted chart, the SOL would doubtless not be going through any important barrier on the path to the record-high price.
Can Solana Price Surge 100%?
Interestingly, Martinez projected in a separate post on X that the Solana price may journey to as high as $520. However, the altcoin would need a weekly close above the long-term resistance around $260 to embark on this upside rally.
A run to $520 would characterize an over 110% surge from the current price level. As of this writing, the Solana token is valued at around $228, reflecting a almost 2% dip in the past 24 hours.Â
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