Solana, a cryptocurrency that has been making waves in the market, saw a significant increase in value recently. The value of Solana surged by 6.50% to reach $148 after VanEck announced its intentions to launch a spot Solana ETF. This news sparked investor interest and propelled the price of Solana upwards. However, it is worth noting that Solana had experienced a correction of over 30% from its yearly high of $210 recorded on March 17. Despite this correction, Solana showed resilience and on June 24, it rebounded, forming a bullish candlestick pattern and maintaining its position above a crucial long-term horizontal support level.

During the recent market sell-off, Solana retested the double bottom support around $120. Following this test, Solana bounced back and reached a peak of $151.20. Nevertheless, the bulls faced resistance at the $150 mark, leading to a pullback to $145. Analysts at Coingabbar suggested that breaching the $152 resistance level could propel Solana to test $180 and potentially achieve a new all-time high. Conversely, a failure to surpass $152 could lead to a correction, with initial support expected around $140 and further downside targeting $128.

KEY LEVELS:

RESISTANCE LEVEL: $152-$163

SUPPORT LEVEL: $135-$122

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