Road To $200: Crypto Pundit Reveals Key Levels To Watch For The Solana Price
24 Julio 2024 - 8:00AM
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Solana (SOL) is currently one of the high-flyers in the crypto
market. The crypto token recently recorded one of the most gains
following the market-wide rebound. Crypto analyst Rekt Capital,
however, suggested that the crypto token is just getting started,
revealing key levels to watch as Solana eyes higher prices.
Key Levels To Watch For Solana’s Price In an X (formerly Twitter)
post, Rekt Capital highlighted $180 and $202 as key price levels to
watch for Solana’s price. The analyst claimed that a successful
retest of the $180 price level as new support could continue an
upward trend over time for Solana. SOL could rise above $200 in the
short term as it moves further to the upside. However, the crypto
token would need to break the resistance at $202 as it looks to
break its all-time high (ATH) of $260. Related Reading: Will
Bitcoin Reach A New All-Time High? Crypto Analyst Reveals Why
$90,000 Is Possible Following the recent market-wide rebound,
Solana had risen above $180, a three-month high for the crypto
token. Although the crypto token has dropped below this price level
again, another rise above $180 will help SOL establish that price
range as new support and prime it for further moves to the upside.
As highlighted by Rekt Capital, the $135 and $122 price levels have
already been established as solid support for the crypto
token. Rekt Capital’s analysis follows crypto analyst Ali
Martinez’s recent prediction that Solana could skyrocket and rise
to as high as $1,000. Martinez stated that early signs of a
breakout from a bull pennant suggest a potential 900% rally ahead
for Solana. Crypto analyst Javon Marks also offered a bullish
prediction for Solana, stating that the crypto token will rise to
$233 and then $450. He made this prediction based on SOL’s bullish
structure, which he noted also recently confirmed a hidden bullish
divergence. Marks explained that this divergence could send
Solana’s price back above $204 and lead to a price rally of over
40% to $233.8 as prices “hold broken out of a much larger resisting
structure.” The analyst also suggested that this bullish divergence
will cause Solana’s price to rise to $450. Enough Reasons To
Be Bullish On Solana There are enough reasons to be bullish on
Solana, especially considering how the crypto token has earned the
status of being among the ‘big 3’ alongside Bitcoin and Ethereum in
this bull run. Solana’s dominance in this market cycle is one
reason market participants anticipate that a Spot Solana ETF will
likely be approved next. Solana’s price appears to be
reacting to such expectations, with fund issuers VanEck and
21Shares filing to offer Spot Solana ETFs. If they eventually
launch, these funds could contribute to more parabolic price gains
for SOL, considering the Spot Bitcoin ETFs’ impact on BTC’s price.
Related Reading: Dogecoin Falling Wedge Pattern: Crypto Analyst
Predicts Breakout To $0.22 The steady rise in Solana’s total value
locked (TVL) also paints a bullish picture for the crypto token.
Data from DeFiLlama shows that Solana’s TVL has been rising
significantly since the start of the year and has continued to hit
new highs. The network’s TVL currently stands at $5.21 billion, the
third highest among all chains. At the time of writing,
Solana is trading at around $173, down over 1% in the last 24
hours, according to data from CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
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