2024-7-18 23:30 |
Solana (SOL) faces key resistance levels as the broader crypto market shows bullish momentum. Crypto analyst Cilinix Crypto shared insights on Solana’s market position in a YouTube video analysis. The analyst highlighted important technical levels and fundamental strengths that could drive SOL’s price in the coming weeks.
Solana (SOL) Price AnalysisCilinix Crypto identified $162 and $160 as crucial resistance levels for Solana. Breaking these barriers is essential for SOL to reach higher targets. The analyst stated, “The main level we need to break out of is $162 and $160; that’s the main resistance level.”
Bitcoin’s performance significantly influences Solana’s price action. Cilinix noted, “If Bitcoin continues to be bullish like this, it would be weird if Solana would not break out.” This observation underscores the interconnectedness of the crypto market.
SOL Price PredictionSolana’s momentum has fluctuated over recent days, according to Cilinix. Strong momentum is necessary for a successful breakout. The analyst expects a potential pullback to the $150s before an upward trend resumes.
Cilinix advised viewers to set a price alert at $164. He explained, “Place a price alert at $164 because if we break above that today, then I was wrong and we will still get up to that level.” This guidance helps traders stay informed about significant price movements.
Despite short-term volatility, Cilinix remains optimistic about Solana’s prospects. He predicted, “I do expect us to break out above $162 and to rally up to $175 at the very least sometime in the next one to two weeks.” This forecast suggests potential gains for SOL holders.
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Market PerceptionSolana’s fundamental strengths contribute to its bullish outlook. Cilinix emphasized, “Solana is still the second biggest blockchain out there, the most successful layer one blockchain outside of Ethereum and Bitcoin.” This position in the market enhances Solana’s appeal to investors.
Additionally, Solana’s Total Value Locked (TVL) and network activity remain robust. These factors, coupled with the potential for a Solana ETF, bolster the blockchain’s long-term narrative. Cilinix’s continued investment in SOL reflects his confidence in the project’s future.
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The post Solana Eyes $175: Will SOL Surpass Key $162 Price Resistance Amid Bullish Surge? appeared first on CaptainAltcoin.
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