As the crypto continues to trade sideways in recent weeks, Solana’s current level could actually open the door for SOL to surge to $180. Indeed, it faces a critical resistance period at its current position. However, that could end up working to its benefit, with metrics pointing to an incoming price rally.
The token has had a rather volatile summer this year. Subsequently, an increase could see it return to a level it hasn’t seen since July 27th, when it traded above the $184 mark. First, there is one crucial price point that is standing firmly in its way. Let’s uncover its chances of breaking through in the coming weeks.
Source – Forbes
Also Read: Solana (SOL) Weekly Price Prediction: August-End 2024
Solana Targets $180 If it Can Break Through This Crucial Level
Few cryptocurrencies have had the kind of hype Solana has enjoyed this year. Entering 2024, it was noted for its rather impressive potential. Moreover, it was christened among cryptos top three tokens, behind only Bitcoin and Ethereum due to that potential.
The asset was even being talked bout as the third token to get a crypto-based ETF approval in the United States. That talk has certainly quieted in recent weeks, as its price has been stuck consolidating in its current level.
Yet, that potential is still present. Indeed, Solana could see a path to $180 through SOL’s current level. In the last 30 days, it has dropped more than 13%, according to CoinMarketCap. However, it also increased more than 9.3% in the last seven days to stand at its current $157 price point.
Source: Decrypt
Also Read: Solana Could Surge 40% as a Second SOL ETF is Approved
The token is currently facing a short-term range between $138 and $163. The latter is an important facet of this. SOL has attempted to break through several times, but faced continued rejection. Currenlty, $160 stands as the key resistance that could prompt a significant upward increase.
The Moving Average Convergence Divergence (MADC) indicator is showing a bullish display. Although it’s not turned into a strong indicator, it is looking to be setting off a bullish phase. The liquidation levels have also noted a spike between $135 and $187. This is another important point to observe, as they note a point that would incite future price movements.
If the market sentiment can remain positive, Solana could eye $180 as early as September. However, it is also facing an important support level at $154. If it retreats to that level and holds firm, SOL could be set for a massive surge in value.