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Solana (SOL) Bullish Rebound: Analysts Eye $400 as Momentum Grows

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Solana (SOL) is on the verge of huge upward movement, attracting attention from both analysts and investors. Over the past week, SOL has shown a modest yet promising uptick of 2%, setting its course firmly upwards. The coin showed strong performance as it bounced back from the critical support level of $160, which indicates a significant upward surge.

At the time of writing, as we get into the numbers, Solana is swapping hands at $171.64, with a vast 24-hour trading volume of $3.50 billion and a decent market cap of $77.13 billion. The value of SOL over the past day has taken a minor downturn at -0.82%; still, its strength in the market is extreme.

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Solana (SOL) Bullish Rebound: Analysts Eye $400 as Momentum Grows 3

Changelly’s technical indicators are giving the green light, flashing super-bullish at 100% for Solana. In addition, the Fear & Greed Index continues to underline this exuberance with a remarkable number of 78, moving into extreme greed territory.

In addition, with the current bullish market sentiment, SOL looks in line to lead, as shown by its massive jump from $21 to $210. The factors supporting this surge are the recent approval of Ethereum ETF and Bitcoin continuing its steps above crucial resistance levels, leading up to another potential all-time high.

Anticipation Builds as SOL Eyes $400 Range, Analyst Says

A well-known crypto analyst JAVON MARKS has recently shared a bullish forecast for the price movements of Solana (SOL). The analyst insists that SOL is gradually coming back to life, which points out a return to a more strong uptrend. According to him, SOL looks to be setting up for a big move toward its initial target of around $233.8049.

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This forecast suggests that SOL will rise by more than 36% from the current value and will hit an all-time high in the $400 range. Moreover, with the bullish view from the analyst, investors are watching SOL’s movements, poised to capitalize on potential opportunities presented by its anticipated upward surge.

Related Reading | Binance Coin (BNB) Price Analysis: Analyst Eyes $1,085.7 Target Amid Record Surge 

Solana SOL Price Analysis: Last Defense Line at $140 Against Bearish Trends

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Solana (SOL) is currently attracting significant interest and witnessing a surge in its value. This upward movement is in response to a bullish market sentiment, prompting SOL to climb. However, it’s important to note that the overall trajectory of Solana’s price is bearish, as indicated by analysts who are outlining potential scenarios.

At the time of writing, Solana (SOL) is worth $151.89. The asset has had a trading volume of $5.15 billion over the last 24 hours and is currently carrying a market capitalization of $68.15 billion. Over the past 24 hours, SOL has experienced a 3.58% increase in its price.

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Solana SOL Price Analysis: Last Defense Line at $140 Against Bearish Trends 6

Solana’s Last Line of Defense at $140

Crypto analyst Alan Santana has provided analysis that sheds light on how Solana is likely to chart going forward and emphasizes the key role of the Exponential Moving Average 100 in the chart. According to Santana, the moving average is considered a basic technical analysis tool, with several indicators often applied, such as the Relative Strength Index.

According to Santana’s observations, in September 2023, Solana’s behavior was bullish after the break of the EMA 100 indicator. This breakout proved that there is a possibility of market sentiment changing towards Solana’s favor.

In addition, October 2023 came the critical test of the EMA 100 as a support, and again, it was passed by Solana without concerns. This adds to the experience of the reliability that the EMA 100, as a key reference point for traders and investors, carries with it.

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From October 2023 to March 2024, SOL was in a consistent uptrend and traded far above the EMA 100, indicating healthy market performance. However, the recent development has made the optimistic outlook turn otherwise.

The analyst observes that there has been a very clear shift in market sentiment, which has sparked a change in direction for Solana over the short to mid-term. Effectively, SOL has now been in a bearish phase going on close to two months after a reversal of its prevailing previous bullish trend.

As far as prices staying stable, the EMA 100 would actually be the last level of defense that could possibly be drawn for SOL. For it is currently standing at $140, it turns out that the EMA 100 is absolutely crucial support. Santana cautions that if this level is violated, investors should see an almost immediate significant downturn in SOL, possibly falling below $100.

Related Reading | Bitcoin’s Uphill Battle: 3.5M Addresses Stuck at $65k 

Solana Nears $150: Market Sentiment Leans Bullish With Caution

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Solana, the cryptocurrency favorite recently, is once again on the verge of achieving a key marker. According to Santiment, an on-chain analytic platform that provides insights into crypto market sentiment, SOL is getting closer to breaking through the $150 level, which it has not been able to attain since January 16th, 2022. This suggests a potential comeback of Solana’s interest in the cryptocurrency market.

Crowd sentiment analysis indicates that investors are generally bullish on Solana since it is now the 5th largest cryptocurrency by market capitalization. However, this bull sentiment is not strong enough to lead to fear of missing out (FOMO), where prices may sharply and unsustainably rise in a short period of time.

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Historical data interestingly indicates that doubt or uncertainty regarding an asset often acts as a catalyst for pushing prices higher. Initially, this might not make sense but it reflects the dynamic market psychology because sometimes skepticism can drive up demand and investment leading to an increase in price.

Delving into decentralized finance (DeFi), analyst Lark Davis explains how Solana has been increasingly active. In fact, SOL’s price surge has been accompanied by the Total Value Locked (TVL) of its network which currently stands at an impressive $2.6 billion, a record high since May 2022 when last seen.

Solana (SOL) Price Analysis & Prediction

On taking a closer look at the price trajectory of SOL, one can see the recent movements that show a gradual rise. In 24 hours SOL cryptocurrency has appreciated by $20.55 and currently is being traded at $149.03 against the US dollar with 24-hour trading volume exceeding $5.2 billion. Remarkably, SOL has gone up by a total of 4.16% within this period indicating its ability to withstand market fluctuations.

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Over the past week, SOL maintained a strong upward trend and this resulted in an impressive surge of 12.59% in value. As Changelly opines, these are promising signals that might mean now is probably the best time to start paying attention to Solana for some potential investors.

Changelly currently has a bullish outlook for Solana. Technical indicators show that 79% of traders are optimistic about the future. Additionally, the market is extremely greedy, with a fear and greed index score of 82. According to the newest prediction, Solana’s price will rise by 13.08% to reach $163.64 by 10th March 2024.

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Solana Labs Disputes CertiK’s Claims of Security Flaws in Saga Phone

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Solana Labs, the company behind the Saga smartphone, has refuted recent allegations by blockchain security firm CertiK regarding critical security vulnerabilities in the device. In a video posted on X (formerly Twitter) on November 15, CertiK asserted that the Saga phone harbored a “bootloader unlock” vulnerability, potentially allowing malicious actors to install a hidden backdoor.

CertiK’s report suggested that this bootloader vulnerability could permit an attacker with physical access to load custom firmware containing a root backdoor, compromising sensitive data, including cryptocurrency private keys.

However, Solana Labs has dismissed CertiK’s claims as inaccurate, asserting that the video did not reveal any legitimate threat to the Saga device. The company explained that unlocking the bootloader and installing custom firmware would require multiple steps, which could only be executed after unlocking the device using the user’s passcode or fingerprint.

Solana Labs Highlights Security Measures for Bootloader Unlocking

Solana Labs emphasized that unlocking the bootloader initiates a device wipe, and users are repeatedly alerted about this during the process. This ensures that the procedure cannot take place without the user’s active participation or awareness. Android’s internal Open Source Project documentation also indicates that bootloader unlocking is a standard procedure across various Android devices.

The SOL Saga phone, introduced in April 2022 at a price of $1,099, features a Web3-native decentralized application store, aiming to seamlessly integrate crypto apps into hardware. However, facing declining sales four months after its launch, Solana reduced the phone’s price to $599.

Despite Solana Labs’ rebuttal, CertiK has not yet responded to the company’s statement at the time of reporting.