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In a recent development within the crypto market, Solana (SOL) has shown remarkable performance by flipping a major resistance level into support, according to prominent crypto analyst Jelle. The digital asset, which has been in the limelight for its fast transaction speeds and low fees, is now heading toward what could be a record-breaking summer.
According to Jelle's latest analysis, accompanied by a detailed chart, Solana has successfully turned its last significant resistance level before reaching new all-time highs into a support level. This crucial pivot is a key indicator of bullish sentiment surrounding the asset, with Jelle stating that this momentum is going to last longer and SOL is going above the $250 level by summer.
Solana eyeing new all-time high
The chart shared by Jelle illustrates a robust upward trajectory for Solana, showcasing a significant rebound and sustained upward momentum. After a period of consolidation and bearish trends, the recent breakout signifies a potential shift in investor sentiment and market dynamics. The all-time high marker set at approximately $259.90 is now within reach, with the asset currently trading around the $190.24 mark.
Over the last 24 hours, SOL has seen a substantial increase of 9.22%, and an impressive surge of 85.53% over the past month, indicating a robust recovery and growing investor confidence. The trading volume of Solana also mirrors this positive trend, with a 48.23% increase in the last 24 hours, currently standing at $3,389,882,302.
Market analysts and investors are closely monitoring Solana's performance, as the crypto has demonstrated resilience and innovation in its ecosystem's development. The flip from resistance to support not only marks a technical achievement but also reinforces Solana's position as a strong contender in the crypto space.
As the crypto market continues to react to this significant movement, all eyes will be on Solana as it approaches its previous all-time highs. With the backing of solid fundamentals and increasing adoption, the journey toward Jelle's $250 target by summer appears to be a plausible scenario for this burgeoning digital asset.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov