Popular cryptocurrency analysts have analyzed Solana’s price performance and identified key levels that SOL must surpass in order to continue its bullish trend.
Solana’s price has risen steadily over the past few days, with the smart contracts platform hitting over $100 for the first time in weeks this week amid a broader cryptocurrency market recovery. At the time of writing, SOL $103.99 level is traded.
Popular cryptocurrency market analyst Michael van de PoppeAccording to , SOL price could find resistance between $112 and $130 before resuming the uptrend.
Might be looking at $LEFT at $112 or $130 for some resistance tests. pic.twitter.com/Wjy792wZCa
— Michaël van de Poppe (@CryptoMichNL) March 24, 2022
Solana is far from the all-time high of $250 seen late last year. The price of the cryptocurrency has seen a marked recovery in the past month amid several developments, including the increase in its daily active users and its addition to the Coinbase Wallet.
The cryptocurrency was recently included in a new fund called Grayscale Investments, which offers investors exposure to various smart contract networks outside of Ethereum (ETH).
Besides, another popular cryptocurrency analyst, Ali Martinez He also recently noted that Solana’s price “forms a descending wedge on the daily chart,” adding that “a definitive close above $94 could send the SOL to $120.” The mentioned formation can be evaluated as an upward trend in prices. If this pattern is formed on the downside as in the SOL, this formation indicates that the trend will change.
#fading price action appears to have formed a falling wedge on the daily chart while there seems to be a bullish divergence developing against the RSI. A decisive close above $94 could send $LEFT to $120. pic.twitter.com/wBeTCKGY7l
— Ali Martinez (@ali_charts) March 19, 2022
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.