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.
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.
$SOL totally in Consolidation phase .. Really Fluctuations happened ..$SOL /USDT Alert..@solana is making waves at $131.64, showing a slight upward bounce of +0.09%. A recent dip to $128.91 marked the bottom, but now it’s gearing up for a potential surge, challenging a… pic.twitter.com/O6kEonMd5S
— Disaster (@Disaster_whale) September 17, 2024
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.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Show less –
Read also: Warning: Bitcoin Price Could Hit $80k Sooner Than You Think – Here’s How!
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.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Solana (SOL) Bulls Could Charge Toward New ATH, But There’s a Catch appeared first on CaptainAltcoin.
