Leading Cryptocurrency Assets Solana (Sunday) It is showing notable renewed price momentum as it aims to challenge several key resistance points. These crucial levels prove vital for its next major rally to higher levels, and perhaps to a new all-time high in the coming weeks.
Price breakout to push Solana value
Amid growing market optimism, Nijntrubek, technical expert It has been confirmed Solana as an important crypto asset to watch, anticipating that SOL may be poised for a significant rally to higher price levels. The market expert points to renewed upward momentum and key resistance levels, which could put SOL in for a major move to the upside.
After examining the price action, Negentropic highlighted that SOL fell to the defined area between $202 and $208 on the daily chart before bouncing towards $230 again. He should the Alternative currency After crossing the $235 level in the one-day time frame, the analyst expects SOL to break the price pressure and target the previous high of $264.
So far, Negentropic has pointed to key signals to watch for in order to weather the impending price rise. This includes the neutrality of the daily Relative Strength Index (RSI) and its distance from the overbought zone, which is suitable for moving to higher price points.
Moreover, he urged investors to keep an eye on potential ecosystem tokens like JUP and Dogwifhat (WIF) for bullish momentum once SOL gains traction. With on-chain developments and wider adoption of Solana Networkthe altcoin may be significantly affected by these developments, and may set new price milestones in the near term.
Consider the performance of cryptocurrencies after a renewed uptrend Market sentimentIC News, a media platform Claims That SOL was one of the few coins to reach a new all-time high in 2024. The token rose to $264 on November 22.
However, Solana performed poorly amid a significant rise in the value of the dollar Alternative currency market Due to the inability to maintain momentum, resulting in a decline from the new high. At the same time, the altcoin market capitalization increased by more than 18%, and the price of SOL decreased by about 12%.
Is SOL recovering from the downtrend?
Wednesday was a rocky day for Sol After a sharp decline near the price of $200. This decline has raised uncertainty about the possibility of a short-term rally. However, the altcoin rebounded strongly to $226, demonstrating its resilience during periods of volatility.
Although Solana is recovering at a rapid rate, investors’ optimism and confidence in SOL continues to falter, as evidenced by declining trading volume. Over the past day, SOL’s market capitalization and trading volume fell by more than 1% and 13%, respectively.
Featured image from iStock, chart from Tradingview.com