Based on the chart, the trader believes "it’s pretty much given” that the cryptocurrency will hit a new all-time high (ATH) "at some point” during this cycle as "there are simply more buyers than sellers.” Crypto Jelle, market analyst and investor, reaffirmed his SOL forecast as the token was "still holding the key support area, and the weekly candle is green.” In a previous analysis, Jelle stated that Solana looked "ripe to push higher.” Jelle predicts the token will reach a new ATH during Q4 2024 and set a $600 price target for this cycle.
Failing to maintain this support level could trigger a retrace to the $135-$130 price range. According to the analyst, Solana could find some relief at the $146 mark as "breaking the risk line (…) would invalidate this signal.” Moreover, reclaiming this level could "potentially drive SOL up to $150-$166” resistance levels.
Related Reading: Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem Solana Leads The Market Recovery As the crypto market recovers, Solana saw a massive 30% bounce from its lowest trading price of $110, registered on Monday.
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