Solana breakout fuels hope for new highs: $320 in sight

The crypto market has bounced back quite strongly and is set on reaching new levels after the brief correction that affected most assets.

One of the best performing assets so far is SOL, which according to crypto analyst Ali on 2 October is set to break through and reach new levels.

The analyst had earlier predicted that the asset would retest a certain bullish zone before a bounce back and now confirms that it is ready to rise higher.

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How high?

Ali had last month predicted that SOL would retest the breakout zone at $210 before it starts another rally to new price levels. As predicted, the asset retested the $210 zone and later bounced back as the market recovered.

SOL is trading at over $226 but that is far from where Ali is targeting, with his eyes set on the $320-$360 range.

While this may seem ambitious at the moment, some Solana fans think it isn’t ambitious enough due to the developments around the project.

The potential Solana ETF for example is a major strong point for why SOL will pump. Responding to Ali, an X user commented thus:

A Bloomberg analyst yesterday raised the hopes of the ETF being approved by saying the approval rate had reached 100%, which could be part of the factors fueling SOL’s current rally.

Speed taking the lead

Solana’s ecosystem powers different assets — tokens, NFTs etc, and has rapidly grown to compete with Ethereum.

Behind that rapid growth is the fact that the network is vastly faster than Ethereum, executing transactions within seconds at a cost of only a few cents.

On Ethereum, this is just a dream, because the network still battles with network congestion and high fees with no end in sight. This weakness could become a powerful fuel for future SOL pumps.