Solana (SOL), the sixth-largest crypto token by market capitalization, fell slightly on Tuesday after a stellar rally over the past month. But the declines indicate that the token is likely gearing up for a run towards all-time highs.
SOL price fell as much as 7% to $126.94, and was currently trading at $133.26. It was also nearly 50% below a record high of $258.96, hit in November. Still, the token is among the best-performing altcoins over the past month, having surged 38% since hitting seven-month lows in March.
Popular crypto commentator @SmartContracter pointed out that SOL’s Bitcoin (BTC) pair showed that an extended W pattern recovery was still underway. The token is likely set for more, albeit intermittent gains that will see it rise to 2022 highs.
The token is likely to see sharp consolidation after this rise, but will then challenge its lifetime highs.
After this 5 wave rise I think it’ll have a fairly significant 20%+ pullback before it runs for ATH
-SmartContracter
Technical indicators for SOL’s USD pair show that $135 is its next resistance level, given that the token has struggled to consistently keep above that point. A concrete breach is likely to indicate much more gains.
SOL had indicated a Morningstar pattern in its mid-March recovery.
A bulk of the SOL’s latest rally was driven by rising institutional interest. The token was included in an exchange-traded product offered by European asset manager CoinShares, and makes up nearly a quarter of weightage in a new fund launched by Grayscale.
Ethereum’s impending shift to a proof-of-stake (PoS) token has boosted interest in the medium, supporting SOL and its peers such as Cardano (ADA) and Algorand (ALGO). SOL is the largest PoS token,
The prospect of blockchain gaming on Solana also supported the token, after South Korea’s Krafton, developer of the wildly popular PUBG videogame, partnered with Solana Labs.
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