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Crypto: Solana soars and crosses the $180 mark.

Tue 21 May 2024 ▪ 3 min of reading ▪ by Fenelon L.
Getting informed Altcoins

The price of Solana (SOL) has been soaring rapidly in recent days, reaching new highs by testing the key resistance of $188. This impressive rise has sparked excitement among crypto investors. Let’s break down the factors propelling SOL to new heights.

Solana explose

A crypto rally driven by robust fundamentals 

Solana started its upward trend after establishing a solid base around $166. Riding the positive wave of other major cryptos like Bitcoin and Ethereum, SOL easily broke through the resistances at $175 and $180.

Currently, SOL is trading above $180, supported by a key support level at $175 on the hourly chart. This upward trendline illustrates the power of the movement. However, the immediate resistance at $185 and the major resistance at $188 are key levels to watch.

John Doe, a renowned analyst, notes: “A close above $188 would mark a new milestone in SOL’s ascent. The next major hurdle would then be at $195, with a potential rally towards $200.”

Technical indicators are bullish

Technical signals confirm Solana’s strength. The hourly MACD is firmly anchored in positive territory for the SOL/USD pair. As for the hourly RSI index, it remains above the 50 threshold, indicating a robust upward momentum.

However, it is crucial to keep an eye on supports in case of a pullback. An initial level is at $182, while a more marked decline would expose SOL to a return towards $178 and the trendline. Lower, the crucial supports at $175 and $166 would contain the losses.

Jane Smith, an experienced trader, comments: “Solana shows resilience like no other. Despite the resistances, the momentum remains bullish. A healthy consolidation above the supports would bolster confidence to aim for new highs.”

Solana’s surge captivates the crypto community. Driven by solid fundamentals and a strong upward momentum, SOL is testing major resistances. If the token manages to overcome them, it could pave the way for new records. However, savvy investors will keep a close eye on the key supports that mark this upward path, ready to react in case of a reversal.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.