Solana Price Rejected at Key Level Amid Multi-Year Uptrend
Solana (SOL) has seen a price rally, marking its highest levels in months. However, the cryptocurrency faces key resistance that could impact its potential for new highs.
Solana Rally Faces Key Barrier
- SOL has surged significantly after recovering from an April pullback, breaking a downtrend.
- The price retraced 63% from its January all-time high, hitting a low of $95 last month.
- During late April, Solana reclaimed the $140 resistance as support and rallied nearly 30% to $180, reaching a three-month high of $183 before retracing to $170.
- Trader Mercury noted SOL reached a critical point that may lead to new ATHs if reclaimed, but recent market slowdowns have stalled the rally.
- To continue upward momentum, SOL needs to reclaim the $180 mark and maintain the 4H 200MAs trend.
- Analyst Cas Abbé indicated Solana's multi-year trend remains intact, with over 50% growth since retesting an ascending trendline, suggesting potential for another record-breaking rally.
SOL Eyes $200 Breakout
- Analyst Rekt Capital identified that Solana entered its Post-Halving Re-Accumulation Range, successfully retesting the $120-$135 range as support.
- For confirmation of a breakout, SOL must surpass the upper boundary, which it failed to do during the previous week's close.
- A successful breakout could push SOL’s price to the $200-$210 range if it builds stability above the current resistance level.
- Currently, Solana trades at $165, reflecting a 3.1% decline in the daily timeframe.
