According to noted crypto analyst Rekt Capital, there is a bullish outlook for Solana’s native token SOL, with the potential for prices to surge 95% if a key support level continues to hold.
In a recent tweet, Rekt Capital pointed out that SOL is still holding above the range low of around $61 despite recent volatility. “The Re-Accumulation range remains intact for as long as this support continues to hold as it has been,” he wrote.
Crucial Support Level Holding Up
SOL saw its price spike 12% recently before giving back those gains. However, Rekt Capital notes that as long as the $61 support level holds up, the path of least resistance remains upwards for SOL.
“Hold here and SOL will be able to jump to the Range High,” Rekt Capital predicted. The range high he is referring to is around $208, which would represent a 95% surge from current levels.
SOL was trading hands around $102 at the time of Rekt Capital’s tweet. With the range low support having held up despite market turbulence, there is potential for SOL to make a big move upwards if overall market conditions improve.
Much will depend on whether buyers continue to defend the $61 support level. But based on behavior so far, there are grounds for optimism about SOL’s outlook. As Rekt Capital concludes: “The Re-Accumulation range remains intact for as long as this support continues to hold.”
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