Analyst: Solana (SOL) $140s Target Backed by Key Market Factors

• Pratty Crypto sees confluence in the high $140s for Solana.
• Factors include the previous quarter’s mid-range, quarterly open, and 62% retracement.

Analyst Pratty Crypto published an analysis of Solana (SOL), indicating that there is a lot of confluence preparing to bid in the high $140s zone.

He cited variables such as the discount of the previous quarter’s mid-range, the quarterly open, a 3D order block, and a 62% retracement of the rally from the lows. He warned that the further SOL penetrates the order block, the less likely it is to hold.

$SOL

A lot of confluence lining up to bid high $140s.

– Discount of previous quarter’s mid-range
– Quarterly open
– 3D order block
– 62% retracement of run up from the lows

The deeper we go into the OB, the less likely it holds. pic.twitter.com/lXjHNNhcQ7

— ً (@PrattyCrypto) August 2, 2024

Solana Network Outshines Despite Token’s Market Struggles 

At the time of writing, SOL is trading at $143.42, down 5.61% over the last 24 hours. This slide follows the bearish trend, with the token down more than 20% in the last seven days.

Due to its worsening performance, Solana has been surpassed in terms of market cap by Binance Coin (BNB), with a gap of more than $10 billion.

Despite the low functionality of the token, the Solana network has made amazing progress. According to our prior reports, Solana topped Ethereum in July with a DEX volume of $55.87 billion, a remarkable milestone.

Furthermore, in July, nearly $500 million in assets were transferred from other blockchains to Solana, including $349 million from Ethereum. This shift reflects greater confidence in the Solana network.

On the other hand, the SEC has reclassified several cryptocurrencies, including Solana, from securities to non-security status. This change eliminates the urgent necessity for a court ruling on the claims regarding crypto asset securities. This regulation change may have an impact on Solana’s future market performance.

The coming weeks will be critical for SOL, as investors monitor how these events affect its pricing and market position.