Solana (Sol) has recorded important gatherings over the past week, trying to regain the $160 area and hold the last big resistance. Some analysts have suggested that if bullish momentum continues, Altcoin will run to a new high once this level recovers.
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Solana attempts to collect $180
As Crypto’s market capitalization approaches $4 trillion, Bitcoin (BTC) is retesting key levels after Solana, one of the major altcoins in this cycle, has climbed nearly 10% over the past week.
Cryptocurrency has been compressed between two important levels since its second quarter recovery, trading the $140-$180 mark for over two months. However, geopolitical tensions last month led Sol to temporarily lose his local area. Retest Areas ranging from $120 to $130.
During the July rally, Solana regained her local range, climbed the cap and tried to surpass her $180 resistance. Analyst Crypto Jelle It’s attracting attention It is, like the Ethereum’s (ETH) $4,000 barrier, the area is “the ultimate major level for bears to defend.”
This is a critical level during this cycle and will serve as the main bounce area for the fourth quarter 2024 and early 2025 meetings. Additionally, after losing the area in late February, it became the most important resistance, and multiple attempts to regain it in the past few months have been lost.
Regaining this level could mark the token at $200, analysts confirmed that it could potentially set the continuation stage at a higher level. Meanwhile, market watcher froggy Highlighted That Solana retested the key zone on Friday, “informing its strong bullish intentions.”
Nevertheless, Altcoin has fallen below this level after hitting its two-month high of $184, trading at a price range of $177-$179 over the past few hours. For analysts, “As long as you have $168 held, a move from $186 to $188 is still possible.”
Are you preparing to discover the price?
According to Daan Crypto Trades, if Sol is invading above and holding a critical level, the next area of interest will be around the $220 mark, followed by a $260 barrier.
The trader explained the sol reproduction The daily 200 moving averages (MA) and exponential moving averages (EMA) earlier this week led to a continuous retest of the $180 area.
He also said Memecoins are “running well” as Sol-based tokens in the sector have seen a 13.3% increase each week, according to Coingecko data. “It generally places some bid behind Sol,” Dern said, “As long as the meme is executed, I think it’s the same for me and Sol.”
Meanwhile, Crypto analyst Alex Clay Highlighted Cryptocurrency has been in the bullish megaphone layer for over a year, with Solana leading the market “when a big cap catches an actual bull run.”
During this period, Sol was traded between the upper and lower boundaries, with the latest retest of support for the pattern occurring in April. Since then, cryptocurrency has bounced back towards the mid-zone of formations, holding 50 days of EMA, 100 days of EMA and 200 days of EMA as dynamic support.
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If you continue to move between the boundaries of the pattern, Solana will happen The level is about $350, towards the resistance of the megaphone ascending. For analysts, “ATH and price discovery breakouts are inevitable,” with initial goals sitting between about $350 and $400.
At the time of this writing, Sol has traded at $177, with a 2% increase in the daily time frame.
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