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Solana (Sunday) It is currently one of the leading currencies in the cryptocurrency market. The cryptocurrency recently recorded one of the biggest gains after the market witnessed a broad recovery. Cryptocurrency Analyst Rekt CapitalHowever, the price has indicated that the cryptocurrency is just getting started, revealing key levels to watch as Solana looks to higher prices.
Key Levels to Watch for Solana Price
In X (formerly Twitter) mailRekt Capital highlights key price levels to watch at $180 and $202 Solana priceThe analyst claimed that a successful retest of the $180 price level as a new support could continue the bullish trend over time for Solana. Solana could rally above $200 in the near term as it moves further up. However, Cryptocurrency symbol Gold will need to break the resistance at $202 as it looks to break its all-time high (ATH) at $260.
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After the recent market recovery, Solana price rose above $180, a three-month high for the cryptocurrency. Although the cryptocurrency price has fallen below this price level again, another rise above $180 will help SOL define this price range as new support and set it up for More moves upAs highlighted by Rect CapitalThe $135 and $122 price levels have already been identified as strong support for the cryptocurrency token.
Rekt Capital’s analysis comes on the heels of crypto analyst Ali Martinez’s analysis. Last prediction Martinez stated that early signs of Solana stock breaking out of the bullish range point to a potential 900% upside in the future for Solana stock.
Cryptocurrency Analyst Javon Marks He also made a bullish prediction for Solana, suggesting that the cryptocurrency will rise to $233 and then $450. He made this prediction based on SOL’s bullish structure, which he also noted was recently confirmed. Hidden bullish divergence.
Marks explained that this divergence could see Solana price rally back above $204, leading to a more than 40% price rally to $233.8, as “prices continue to break out of a much larger resistance structure.” The analyst also suggested that this bullish divergence could see Solana price rally to $450.
Reasons to be optimistic about Solana
There are enough reasons to be optimistic about Solana, especially considering the way the cryptocurrency has gained status as one of the “big three” alongside Bitcoin and Ethereum in This bull is runningSolana’s dominance in this market cycle is one reason why market participants are predicting that a Spot Solana ETF is likely to be approved next time around.
Solana’s price seems to be reacting to such expectations, with VanEck and 21Shares both applying for an IPO. Solana ETFsIf eventually launched, these funds could contribute to even greater price gains for SOL, considering Bitcoin ETFs Impact on BTC price.
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The steady rise in Solana’s total value locked (TVL) also paints a bullish picture for the cryptocurrency token. Data DeFiLlama data shows that the total network value has increased significantly since the beginning of the year and continues to reach new highs. The total network value currently stands at $5.21 billion, the third highest among all chains.
At the time of writing, Solana is trading at around $173, down over 1% in the last 24 hours, according to Data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
