Solana Poised for Breakout As Key Price Levels Hold In 2024
Solana (SOL) has been trading between $115 and $200 in 2024, with clear reactions at both levels. These price levels are considered as strong support and resistance levels and many traders focus on the results of such a consolidation.
On Monday, in an X post, Daan Crypto Traders revealed that the price ranging from $115-$200 has been an area of interest among traders, and any breakout within this range indicates high potential for SOL in the future. If Solana performs a price break out through the $200 upper resistance level, analysts say the cryptocurrency could be set for a massive surge. Price behavior at these levels is due to the continuous struggle between buyers and sellers with regard to the direction the cryptocurrency is going to take.
Solanas $200 Barrier
Solana is on the verge of a significant challenge at the $200 level that has constrained the assets upward movement during the past few months. This makes it possible that once through the weekly resistance, there could be major gains and possibly a new high. Analysts hypothesize that SOL could spike past this point and if it holds, it could push through to new heights.
The process within this range is normally viewed as a phase where price action gathers pace before a significant change in price direction. Solana continues to trade above the $115 mark, and tests resistance at this level may be preparing to move higher. At the time of writing, SOL is trading at $154.20 having recorded a 1.22% drop in the last one day.
If Solana can manage to close a candle above $200, many experts expect a new all-time high to be possible. The last peak for Solana was observed in November of last year during the overall market upturn. A move beyond this critical level may encourage investors to buy back into Solana and watch whether the token can regain its former pace and reach a new all-time high.
The consolidation of Solana and the potential of a breakout have been of interest given that the overall crypto market is looking for direction in a new bull market. In the following weeks, the traders will be aiming to determine if SOL can break through the $200 mark and carry on pushing upwards toward fresh record highs or if it will be stuck within the $170-$200 range.
Read more: https://www.tronweekly.com/solana-poised-for-breakout-as-key-price-level/
Text source: TronWeekly
