Solana's (SOL) impressive breakthrough of the $202 resistance mark suggests it’s primed for a strong performance in the current bull market. As the digital currency targets its all-time high of $264, many investors are questioning whether the SOL bulls can drive it beyond past records.
Significant shifts in market dynamics can occur overnight. Just a day ago, SOL was trading at $189 (SOL/USDT). By Thursday, it had risen to $207, decisively surpassing the strong $202 resistance level.
The crucial question remains: can the bulls secure a close above $202, thereby transforming it into a lasting support? Among major cryptocurrencies, Solana stands out as a strong contender to lead the market's next upward swing.
The blockchain has maintained high-frequency transactions and revenues, outperforming rivals in several other metrics too numerous to mention.
Emerging from cutting-edge technology, extensive adoption, and the potential launch of the first Spot Solana ETF later this month, $SOL is poised for significant price growth.
On the 4-hour TradingView chart, SOL demonstrates a breakout from a triangle pattern, alongside breaching the pivotal $202 mark. Currently encountering resistance at $207, $SOL might retest the $202 level to establish stronger support. There’s a risk that this breakout could be deceptive, leading prices back into the $202-$175 range. However, sustained trading above $202 for two to three days could mitigate this bearish possibility.
On a weekly scale, Solana’s price trajectory remains promising. Firm support at $175 has held, spurring a continuing recovery. Securing a position above $202 could act as a launchpad for the next phase of the bull market.
The Stochastic RSI, a momentum indicator, sits near critical low levels on the chart. A reversal, marked by the blue line crossing above the orange line and both surpassing the 20.00 threshold, might unleash powerful price momentum for $SOL.