Solana (SOL), the native crypto asset of the Solana blockchain, has been making bullish moves and is on track to hitting its previous all-time high of $260.
According to popular crypto analyst CryptoJelle, SOL has flipped a former resistance level into a new support zone. Showing the current SOL chart, the analyst noted that the move is a bullish signal for a long-lasting upward movement in no distant time.
Jelle, who has been active in the crypto market analysis, reflects a high level of optimism on Solana after considering present market conditions.
Solana to Hit New All-Time High
As indicated by Jelle, the chart shows a recovery on SOL and a sustained bullish trend to its previous all-time high. Following days of bearish trends and consolidation, Solana has broken out upwards, according to the analyst.
The move indicates that many crypto investors have turned their attention to SOL and are becoming more positive about adopting Solana as a promising cryptocurrency to invest in. The asset’s movement to turn a position of resistance to support has increased trust and attracted further attention to the token as its adoption keeps increasing.
Many crypto and financial market analysts are now keeping a close eye on Solana. Its founding ecosystem has proven to be sustainable in the crypto industry with many utility projects including functional decentralized applications (dApps) being built on the network.
Solana has survived many wavy and challenging market conditions which has contributed to its growth and solidity in the crypto space.
Solana’s Recent Trading Movement
At the time of writing,SOL was trading above $190 with around an 86% increase from last month’s price and above an 11.8% increase within the past 24 hours. The asset’s trading volume has also increased by more than 48% over the past month and is at $4.2 billion.
Solana’s current market is above $86.1 billion and continues to increase as many investors discover and acquire the token. The asset now stands solidly as the fifth biggest cryptocurrency by market cap with just $3 billion below BNB ranking fourth and $50 billion above XRP ranking sixth.
As the crypto market maintains an uptrend and Solana continues to progress, it becomes easier for SOL to attain the predicted $250 and even beat its previous all-time high to set a new one.