Solana (SOL) is currently showing positive momentum after a brief consolidation phase. According to market updates from analysts, the token is eyeing a potential breakout.
This breakout could see SOL challenge previous ATH and maybe surpass it. However, the market remains cautious, as key resistance and support levels may dictate its next moves.
What you'll learn 👉
Solana’s Price Movements
At present, Solana trades around $131.92, with a slight increase of 0.18% in the last day, as per CoinGecko. According to crypto analyst @Disaster_whale, the price dipped to $128.91 but has bounced back, hovering just below its short-term resistance at $134.40. If this resistance is broken, bulls could propel the price towards new highs.
Moreover, the analyst emphasized that Solana is in a consolidation phase but has shown some shifts. The token’s performance will largely depend on its ability to break through the $134.40 mark. A failure to hold above $130.65 could lead to a bearish trend, signaling a potential downside.
Key Support Levels Identified
In another update, Patric H. from CryptelligenceX shared insights on Solana’s critical support and resistance areas. The analyst pinpointed a strong support zone between $125 and $118, which has held firm during recent market corrections.
He described this as an important buying area, provided the price doesn’t fall below $118, which would invalidate the support level. Should the price dip further, additional support exists in the $107-$99 range, aligned with the 1-week EMA100.
This region would likely serve as a key buffer in the event of a more substantial decline. However, any movement below this level could indicate a deeper bearish trend.
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Resistance Levels to Watch
On the upside, Patric H. highlighted the $162 resistance level as a crucial barrier. Breaking above this mark would signal stronger bullish momentum and the possibility of further gains.
He noted that while Solana’s chart is favorable compared to Ethereum, traders must be keen, as the market remains volatile.
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