Solana is predicted to reach a new record value

The price of Ukrainian developer Anatoly Yakovenko’s cryptocurrency Solana (SOL) has been rising parabolically since October, reaching a new annual high of $ 79.50 on December 15. Analysts estimated the possibility of further growth of the token and reaching $ 100.

Despite the increase, some signs of weakness appeared on the lower end. Since the beginning of the year, the SOL price has risen inside an ascending parallel channel. Both the resistance and support trend lines of the channel have been tested many times.

In November, SOL broke out of the channel’s resistance trend line and accelerated its growth rate. This led to a new yearly high, showing Solana’s growth of 865% since the beginning of the year.

Cryptocurrency trader CryptoPoseidonn believes that a new top in SOL’s value is near. He wrote on the X platform: «I want to short but the price is still holding the market structure, maybe this is the top. But I would like to wait for a 4-hour trend reversal first.» According to CryptoPoseidonn, when the value of the digital asset goes up again, Solana will have every chance of reaching $ 100.

The CryptoBusy analyst drew attention to the fact that the price of Solana is struggling with the $ 78 level. «It still needs one big push to help push the price above $ 78. If SOL breaks through and consolidates above this level, $ 90 and $ 107 will be inevitable. But the market is still in a state of waiting. Be patient,» CryptoBusy emphasized.

At the time of writing, Solana is trading at $ 75.58, down 0.2% on the day and up 17.1% on the week. It is worth noting that the Ukrainian developer’s cryptocurrency is predicted to grow faster than Ethereum. This forecast for Solana was shared by asset management company VanEck.