Crypto trader Kaleo has identified a crucial resistance line in Solana's pair against Ethereum, according to a Thursday tweet.
Resistance refers to a level where selling pressure is expected to increase, causing the price to stop rising further.
In Solana's case, it's on the verge of breaking above this significant resistance, indicating a possible strong rally against Ethereum.
At the time of writing, Solana is trading at $20.69, showing a promising 11.0% increase, with a market cap of $8.3 billion and a 24-hour trading volume of $679 million, according to CoinGecko data.
In the broader cryptocurrency market, Bitcoin (BTC) holds steady at around $30,324 and Ethereum (ETH) at $1,890. In contrast, Solana (SOL) outperforms the majority of the top 10 cryptocurrencies, with a 16.6% increase in the past week. While the digital asset market shows mixed performance.
Despite the past challenges Solana faced after the FTX bankruptcy, its bounce back signals an encouraging trajectory for its investors.The network's unique technology that supports high-speed, secure, and scalable decentralized apps and crypto services continues to appeal to the market, creating the potential for more upside.
Now that Solana appears to be teetering on the verge of this significant breakthrough, Kaleo's prediction could act as an indicator of a new chapter for this resilient cryptocurrency.