Prepare for a surge Solanas important support and resistance levels to monitor

Solana, also known as SOL, is gearing up for a more aggressive movement once it breaks out of its current consolidation phase. Investors and traders of Solana should keep an eye on key support and resistance levels as the cryptocurrency progresses.

Analyzing the SOL/USD daily price chart reveals that Solana is currently trading at $159 with no clear direction. It is slightly below the 30-day exponential moving average of $162, which serves as an important level to monitor for support and resistance indications.

Solana, a popular competitor to Ethereum (ETH), has maintained a price range between $138 and $175 for the past two months. These levels serve as crucial support and resistance points for Solana, despite experiencing four deviations – three downward and one upward.

A breakout from this range amidst a bullish sentiment could potentially lead SOL to revisit its yearly high of nearly $210. Conversely, the lowest price from the first deviation was $117, making it a possible target for a bearish bias.

The relative strength index (RSI) currently stands at 47.3 index points, indicating neutral momentum for Solana’s native token.

Cryptocurrency trader and analyst Ali Martinez has identified a triangle formation on Solana’s price chart, with key support at $143 and resistance at $178. Martinez predicts a bullish breakout that could result in a 53% surge for SOL, taking advantage of the positive sentiment favoring altcoins.

In conclusion, key support and resistance levels to watch for Solana are at $117, $138, $143, $162, $175, $178, and $210. The support levels appear stronger than the resistance levels, suggesting a potential bullish breakout. It is important to note the high volatility of cryptocurrencies and that indicators are not always definitive.

Disclaimer: The content on this site is not intended as investment advice and investing in cryptocurrencies carries risks. Your capital is at risk when investing.