Solana’s SOL Poised for 20% Surge, But Crucial Resistance Stands in the Way: Watch This Price Level Closely
Release: 2024/05/03 03:39 Reading: 419
Solana’s SOL token has been staging an impressive recovery, with its price exhibiting bullish momentum since yesterday when it reached a low of $118 before closing the day at $134. At the time of writing, Solana is trading around $134, registering a nearly 20% rally over the past two days.
The price is currently attempting to break through a resistance level at $139, which could pave the way for further gains. If SOL manages to surpass this key area, we may witness a spike towards $146 and then $156, where the next resistance levels lie, which will also be close to a 20% move.
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Solana Token Riding the Wave
The tokens within the Solana ecosystem are also benefiting from this bullish move, with many of them experiencing positive price movements over the last 24 hours. Raydium (RAY), BONK, and dogwifhat (WIF) are all up by 5% at the time of writing. The increased demand for Solana to purchase these tokens is positively influencing the price of SOL.
Moreover, a major breakout above the $139 resistance level, leading to a potential rally, could instill confidence in investors, which could have a ripple effect across the entire Solana ecosystem.
If SOL manages to overcome the $139 barrier, it could potentially trigger a surge in buying pressure, propelling the token towards the next resistance levels at $146 and $156. However, if the price fails to break through this critical resistance, a retreat towards the recent support levels cannot be ruled out.
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