reIs $SOL preparing to take off or crash?
After reclaiming the $160 support area a week ago, Solana hit its highest levels since early April. SOL approached the $190 resistance but failed to overcome it. Instead, the coin's price fluctuated between $180 and $170 before settling back near the $160 support zone over the weekend.
Despite underperforming Bitcoin ($BTC) and Ethereum ($ETH), the coin has reached new highs in key metrics during the cycle. In March, Solana surpassed its previous all-time high, reaching a market capitalization of $93 billion.
Last week, the price of $SOL rose more than 56% from the retracement price on May 1, and the market capitalization surpassed the all-time high of 2021 and reached a level comparable to the all-time high in March. Still, Solana could collapse in the future. It may be time for ETH to catch up and this could be the final leg of the bull market.
SOL is "forming a higher low after the breakout" Solana is behaving the same way it did in the February-March period. Sol may have hit bottom and is now preparing to reach new highs.
