Altcoin Solana (SOL) had a remarkable start to the month with a significant price increase. Accordingly, it increased by over 10%. It also surpassed the key $22 resistance level. This increase attracted the attention of traders and investors. It has raised questions about whether altcoin SOL can maintain its bullish momentum for a sustained recovery.
Resistance is breaking for Altcoin Solana: Confidence is on the rise
It is noteworthy that with the significant increase in trading volume, it broke above the $22 resistance level. This indicates an increase in buyer confidence. However, the most important question still remains. Is this momentum strong enough to support a sustainable upward trajectory for Solana?
Solana continues to maintain levels above $22. Additionally, price analysis points to an 11% gain potential that could see the cryptocurrency challenge the $25 threshold. However, from a broader perspective, SOL’s ongoing recovery appears to be within the boundaries of a channel formation.
Charting the course of the SOL: Resistance and support levels
It is expected that the upward trajectory of Solana SOL’s price will follow the upper trend line of this channel model. A break of any of these trend lines will act as a catalyst for a directional rally.
On the other hand, there are also uncertainties. Despite the positive momentum, there is uncertainty due to supply pressure and Bitcoin rebounding from the $28,000 level. The concentration of supply pressure on the left around 24 leads to a small pullback. Thus, it provides an opportunity to evaluate the strength of the recently surpassed level.
Impressive market value
Solana SOL’s recent price surge has brought it into the limelight, making it the 8th largest cryptocurrency by market cap. It has surpassed popular cryptocurrencies such as Cardano (ADA) and Dogecoin (DOGE). SOL has been a strong performer this past week, up 38% from its September lows. However, it still has some way to go to reach the peak levels seen during the bull market. The cryptocurrency is facing key resistance levels at $25 and $28. There is also a potential path to $30 if the uptrend continues. On the downside, SOL finds support at $22 and $20 in case of bearish pressure.
When we look at it as Kriptokoin.com, Solana SOL is experiencing fluctuations. On the other hand, the coming days will reveal whether it can maintain its momentum and potentially reach new highs or encounter resistance along the way. Traders and investors will closely monitor SOL’s journey in the crypto market.
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