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Solana (SOL) Pierces Resistance: Next Targets Are Here

Sun, 07/09/2023 - 09:51
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Arman Shirinyan
Solana on verge of breakthrough following successful rebound in June
Solana (SOL) Pierces Resistance: Next Targets Are Here
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The native token of the Solana blockchain, SOL, is showing promising signs of a bullish breakout. It is not only defying the trend on BTC and ETH pairs but also exhibiting a possible deviation and trend line break on USD. The cryptocurrency might be setting up for a significant rally, indicating a potential investment opportunity.

Solana is a high-performance cryptocurrency blockchain that was marked as an "Ethereum killer" back in 2021. Its native token SOL is gaining traction after the devastating 2022, when FTX sold large quantities of the token in order to gain some liquidity.

Solana chart
Source: TradingView

Over the past 10 days, Solana has already made a remarkable 35% move upwards. While some consolidation or a pullback can be expected after such a swift ascent, the overall trend appears bullish. The crypto analyst behind these observations also revealed that Solana would be one of their heavy buys this year, marking a strong conviction bet for the future bull run.

Furthermore, Solana has successfully broken through a significant resistance level that was formed in February. If this momentum continues, the next target for Solana could be approximately $25, coinciding with the last local high. At the time of writing, Solana is trading at around $21, aligning with the 200-day exponential moving average (EMA) resistance. This level could potentially turn into a reversal point for Solana, setting the stage for the next wave of upward movement.

SOL and ETH Fans Must Stop Taunting Each Other as Both Coins Rising: Chris Burniske

However, it is critical for potential investors to exercise caution. While the signs are promising, the inherent volatility of the crypto market warrants meticulous analysis and risk management. If Solana successfully establishes support at the $21 level and shows signs of pushing higher, the coming weeks could present a valuable opportunity for both traders and long-term investors.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.