$SOL Coin Price On The Verge Of A Major Break Out - CoinPedia Analytics

With a jump of over 3% within the past 24 hours, the Solana price is on the verge of testing its important resistance zone in the 1D time frame. Moreover, the altcoin is also hovering close to its resistance trendline of the descending triangle pattern.

This highlights a high possibility of a multi-trend breakout, further indicating increased price action for the SOL coin price in the cryptocurrency market.

Positively, the SOL crypto price has displayed a strong bullish price action by adding 20.64% to its portfolio within the past week and 17.01% over the past 30 days. Furthermore, with a YTD return of 62.56%, this altcoin is listed as the 5th largest cryptocurrency with a market cap of $76.65 Billion.

If the bulls break out of their important resistance zone, the Solana price will prepare to test its upper level of $181.50. Moreover, if the market holds the value at that level, the SOL token will head toward its yearly high of $200.

For Solana (SOL) price to achieve the $500 mark, it will require a surge of 206.7485% concerning its current trading price of $163.

Conversely, if the Solana crypto experiences a pullback, it will start trading under a bearish sentiment and plunge toward its lower support level of $127 during the upcoming weeks.