Solana (SOL) has achieved a significant milestone by surpassing the $150 price level in the last 24 hours, a level that has acted as a strong resistance over recent days.
With Solana crossing this critical threshold, cryptocurrency market analysts believe the coin is poised for a continued rally, potentially targeting $180.
Solana Poised for a 20% Price Increase?
Key upcoming resistance levels for Solana (SOL), which may act as hurdles, are identified at $156 and $162.
These resistance levels are derived using Fibonacci extensions, a tool for technical analysis. Should Solana manage to break through these resistance levels, the $175 and $180 marks become significant.
A climb to a price of $180 would represent a 20% increase from its current market value.
$150 is a Pivotal Level
While Solana (SOL) has the potential for significant gains, investors and traders should also keep an eye on crucial support levels determined by the Fibonacci sequence.
Currently, the $150 price level serves as a vital support. Should Solana fail to maintain above this price, a correction is likely, potentially driving the price down to $138 and possibly even to $128, marking a nearly 15% decrease.
Given Solana's rapid price increase in recent months, the risk of a short-term correction grows as investors may decide to take profits.
