Solana price is back in the limelight of the crypto community, resulting in it moving above its major resistance at $175 and is currently trading at $178.30. Moreover, with the support of the increased volume (4.5M) and the solid technical base, this breakout may have been the starting point to the new trend into the psychological level of $200 and above.
Will SOL Price Breach Its Major Resistance Zone?
The bulls have managed to break the upper resistance area after consolidating at a range of $158 to $175 during the past weeks. Notably, this area is considered a powerful supply area in various attacks that was witnessed during May and June.
Additionally, the price action displays a bullish trend as the daily candles constantly close above the previous day. More significantly institutional demand has infiltrated with Solana-based funds incurring net inflows in all the three recent weeks.
Suppose, the bulls are in a position to hold that momentum above the $180 mark, this could result in a retest to $200 mark. Furthermore, the upper target levels are $225 and $250 as these areas were last retested in Q1 when the rally was taking place.
On the other hand, a failure to trade above the $175 or $180 region may attract a correction toward the $158. If the bulls fail to regain momentum at that point, this may pull the value toward its lower support levels of $145 or $140 zone considering the historic market sentiments.
Also Read: Ethereum Classic Price Prediction: Will ETC Price Hit $35 Next Week?
