Solana Hits Six-Month High of $216 After Breaking Resistance Zone
Solana (SOL) is attempting to break through a key resistance zone for the fourth time, with mixed investor sentiment regarding its sustainability. On-chain data indicates potential upward movement.
Recent Performance
- Solana reached a six-month high of $216 after breaking a critical resistance area.
- The price increased by 16% from Monday's lows and surpassed the $200 support on Wednesday.
- Previous corrections saw SOL drop to the $175-$195 range before this recent rally.
- Traders note that SOL is in a multi-month rising wedge pattern, approaching a resistance level repeatedly rejected since July.
Market Analysis
- Analysts suggest this breakout could succeed due to subdued social sentiment compared to prior attempts.
- Approximately $1 billion in realized profits were recorded post-surge to $212, indicating cautious trader sentiment.
- Key support zones exist between $165 and $206, which may facilitate further gains.
- A confirmed breakout above $212–$215 with strong volume could target the $300 mark.
As of now, Solana is trading at $212, reflecting a weekly increase of 17%.
