- Solana’s breakout past $202 signals a bullish trend, with buyers pushing toward the next target at $209.88.
- The $175.50–$180 range, once a barrier, may now act as support if SOL retraces, reinforcing positive market sentiment.
- SOL’s upward climb since mid-year lows suggests continued momentum, as it eyes higher targets with robust support zones below.
Following a breakout above the $202 resistance level, Solana (SOL) is gaining traction in the market and making progress. SOL’s trend has changed with this crucial move, indicating the possibility of more gains. Crypto analyst Rekt Capital claims that Solana’s current price structure is optimistic, with weekly advances propelling the cryptocurrency to new heights.
SOL Surges Past Major Resistance Levels
In recent weeks, Solana broke past the previously unyielding resistance at $175.50. This level had held back SOL’s progress during August and early November, serving as a solid barrier. However, the latest weekly candle displays a sharp climb above the $202.84 resistance zone, now approaching the $209.88 level. Besides signaling strong buyer interest, this breakout also suggests a possible continuation of the upward trend.
The $175.50 to $180 range, which once acted as resistance, may now serve as support in case of a pullback. This shift in support aligns with Solana’s overall market sentiment, indicating a transition from bearish to bullish as it establishes higher lows. Significantly, buyers have held firm since the mid-year lows around $122.75, reinforcing this upward trajectory.
Potential Targets and Support Zones
With SOL now heading toward the $209.88 mark, analysts anticipate potential resistance at this level. Nevertheless, Solana’s recent price action indicates a steady appetite among buyers to push beyond established thresholds.
Should the price face resistance and retrace, the $175.50 level, highlighted by red circles, could offer robust support. Moreover, lower support zones at $158.92 and $135.37—highlighted on the chart by horizontal blue lines—might serve as additional levels for buyers if the price retraces.
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These levels held strong during previous consolidation phases earlier in 2024, indicating possible points of interest for traders. Additionally, the chart structure shows a long-term ascending trendline, a blue line from early 2024, supporting a solid foundation for this upward movement.
Outlook: Renewed Market Sentiment
Solana’s breakout from long-standing resistance zones shows substantial bullish momentum, with renewed interest from market participants. As SOL continues to rally toward the $209.88 level, strong support from previous resistance areas suggests a stable foundation for further gains.
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