As the Cryptomarkt sideways moves, together Solana (SOL) between two important levels. Some analysts suggest that the cryptocurrency is about to break out and reclaim a crucial level of resistance that could cause the long -awaited retest of the $ 200 barrier.
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Solana has important support
After repairing last month’s downward trend, Solana tried to reclaim the crucial level of $ 160 to continue his bullish rally. The cryptocurrency exchanged two months between the range of $ 140- $ 180, but lost its reach after the Breakout at the end of June.
Two weeks ago Sol fell below the $ 130 area and reached a lowest point in two months of $ 126 on June 22. Since then, the Altcoin has been restored, fed by last week’s launch of a Solana Staked Crypto Exchange-Traded Fund (ETF) in the US by Rex shares.
After the news, the Solana prize jumped to the resistance level of $ 160, but was rejected, which floated between the price range of $ 145- $ 155 in the past week. On Tuesday Sol fell below the $ 150 level and the support of $ 147 reached before he bounced.
Analyst Ali Martinez noted That the $ 147.59 area is one of the most important support levels for Solana, because losing this level can activate a withdrawal to the next key zone around $ 141.
Likewise, Bitcoin Market Watcher Man confirmed That Sol’s most important support to maintain is around $ 141.91, which adds that “a continuing break below this level would suggest that Wave-C of (II) is already underway.”
The analyst previously warned that there is a potential scenario “with another layer in Golf-5”, if the cryptocurrency does not have about $ 148. However, maintaining this support would build a basis to focus on the local highlights.
Sol about to test $ 160 again?
Analyst Carl Runefelt from the Moon Show has confirmed that Sol “break down” a triangular formation and the resistance of $ 162 test. While the price between the upper and lower borders compressed, the analyst suggested that the outbreak of the cryptocurrency is around the corner.
Solana has formed a symmetrical triangular pattern of a week in the daily graph. If the cryptocurrency successfully breaks above the $ 152- $ 153 zone, it could see a jump of 10.87% in the direction of the technical target of $ 167.
The Cryptonomist marked That Sol broke from a multi -day diagonal resistance on Sunday, which was re -tested and confirmed as support after bouncing around $ 147 twice since the outbreak.
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The analyst believes that the cryptocurrency is preparing for a continuation of his rally, aimed at the high of a week and resistance of $ 160.
Meanwhile, Crypto Jelle noted That despite the after-life of April, Solana continues to act within his macro range of $ 125- $ 180, which is currently floating around the middle reach. For him: “It seems that it is just waiting for BTC to break out. As soon as it wins $ 160, $ 200 must come quickly. Up there there are new highlights within reach.”
Solana is currently being traded at $ 151.51, an increase of 3.6% in the weekly period.
Featured image of unsplash.com, graph of TradingView.com