Solana (SOL) Nears Critical Technical Level: Will History Repeat for Its Next Major Move?

Solana’s SOL token has rallied to a critical technical level that could determine its next major move.

According to widely-followed analyst Rekt Capital, SOL is now testing the $61 resistance level that previously capped upside in 2021. This area lines up with the top of a key range defined by horizontal resistance and an ascending trendline.

Notably, SOL stalled out and retraced sharply the last two times it reached this zone over the past year. Rekt Capital suggests history could repeat itself once again.

On the way up, SOL also faced stiff resistance around $53, resulting in consolidation before eventually breaking out to the current $61 area. This underscores just how significant the $61 barrier is from a technical perspective.

A rejection here would open the door for a pullback toward the bottom of the range around $35, where SOL found support earlier this year.

However, a decisive daily close above $61 would be very bullish and suggest room to run toward horizontal resistance around $88. This would represent a new high for the cycle.

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In summary, SOL is at a pivotal make-or-break level that has repeatedly stopped rallies over the past year. How it acts around $61 will offer meaningful clues about whether recent strength marks the early stages of a macro-uptrend or a short-term bounce within a broader downtrend.

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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.