SOL could be poised to run to $250 after clearing a key resistance level, crypto traders said.tumbling over 6% at one point to below $69,000. Repeating what's now a familiar pattern, buyers quickly stepped in, with prices rebounding to $70,500 by press time.
The largest crypto by market capitalization earlier Thursday hit a new record high just below $74,000, but started to decline at around the beginning of the U.S. trading session. The move accelerated in afternoon hours to as low as $68,600 before the dip-buying began.showed relative strength amid the market slump, notching its highest price in 26 months before the pullback.
Digital asset hedge fund QCP Capital said in a Thursday market update that SOL has benefitted from capital rotation as bitcoin's rally seemingly ran to a halt.Crypto traders forecasted more gains for SOL targeting its all-time record prices from 2021, breaking above its last key resistance level after cooling off for two months.
Digital asset trader Jelle also noted that SOL is also benefiting from rising retail demand for trading Solana-based tokens such as" solid adoption metrics, which signal genuine user activity, suggest that we’re not only witnessing speculative interest but are also poised to see new all-time highs due to this authentic engagement," Frizza said in an email.
Recently, SOL changed hands at $165, some 35% lower than its 2021 November peak. Its market capitalization, however, is already approaching its $76 billion record due to the asset's expanding supply, also called token inflation.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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