As Solana's price stabilizes, analysts are closely monitoring key resistance levels that could dictate its future trajectory. According to the official information, the performance of SOL in the coming weeks will be crucial for investors and traders alike.
Current Support Level for Solana
Currently, Solana is holding above a critical support level of $175, which analysts believe is essential for maintaining upward momentum. Should SOL successfully navigate this threshold, the next resistance zone is anticipated to be between $220 and $250. A confirmed breakout above this range could pave the way for Solana to target the $300 mark later this year.
Potential Risks and Historical Trends
Conversely, if the price structure falters for the first time since 2020, analysts caution that SOL might retrace to around $130 before finding support again. Historical trends indicate that significant breakdowns are rare, provided that trading volume and user engagement remain steady. This resilience across various market cycles highlights Solana's robust position in the cryptocurrency landscape.
In a notable market shift, Monero has surged over 11%, raising interest among investors. This development contrasts with Solana's current stabilization efforts. For more details, see the full article here.
