Solana is on the verge of a breakthrough: Analysts predict further recovery in the cryptocurrency market

Solana is on the verge of a breakthrough: Analysts predict further recovery in the cryptocurrency market

Solana (SOL), like the rest of the cryptocurrency market, has been on an upward trend following the positive outcome of the court battle with the US Securities and Exchange Commission (SEC). But to continue the recovery, Solana must cross a crucial level. According to crypto analyst Crypto Tony, Solana needs to clear the $30.60 supply zone to maintain its bullish momentum.

Currently, Solana is consolidating between the supply zone and trendline support, and the current price is $26.33. To meet the above predictions, Solana would need to gain around 16%. However, according to the latest data published by Finbold on July 19, Solana has already made impressive progress. In the last 24 hours, Solana price increased by 2.92%. There was a significant increase of 19.69% in the last seven days and even an impressive increase of 69.96% on the monthly chart.

These numbers give Solana a good chance of achieving its goal. What's particularly notable is that Solana has proven resilient and has not experienced any selling pressure despite the SEC's lawsuits against major crypto exchanges. Additionally, Solana’s blockchain has demonstrated an impressive 99.72% uptime over the past nine months. This is particularly relevant as Solana's previous outages had raised concerns about its position as a high-performance network designed for fast transactions.

Solana's future looks promising, but investors and traders should still continue to monitor the market closely to keep an eye on the cryptocurrency's developments. It remains to be seen whether Solana can break above the critical supply zone level to continue its uptrend. The coming days could be crucial in determining Solana's further development.