Following the latest surge in volatility across the space, Solana appeared to be breaking out of its previous resistance. It has tapped a new monthly high and now looks ready for a big price movement on the daily chart.
This month saw Sol through a small correction after witnessing a nice recovery. It found support at around $100 last week and bounced back to retake the monthly $118 high yesterday.
It further showed strength today and passed through this high with a break above the important $126 resistance, marked as its peak level during the last bullish cycle. It just printed a new multi-month high at $132.9.
Looking at the latest price actions over the past week, it appears Sol’s landscape has changed, especially considering the current daily breakout. We can expect a huge surge in volatility if the price continues to increase daily.
The main target level for buying right now is the May 2022 high. If that surfaces before the end of this week, the next area of interest for the bulls would be the key $200 level. But currently, the daily high is posing a threat to buyers.
A continuous rejection could trigger a pullback on the lower timeframe to retest the recently flipped resistance levels as support before resuming the surge. And if the price dips below the monthly low, we may see another major drawdown.
SOL’s Key Level To Watch
While the bulls are still in control, the next high level to consider for a test would be $140, followed by the $150 level. Above these resistance levels lie $160.
Currently, Sol is sitting above the previously broken $126.3 support – formerly the resistance level. A drop below this support could allow pullbacks to $117 and maybe $107.5 before it bounces higher.
Key Resistance Levels: $140, $150, $160
Key Support Levels: $126.3, $117, $107.5
- Spot Price: $129
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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