Solana’s Path to New Highs: Key SOL Price Levels Could Make or Break the Rally

Solana’s (SOL) price has been consolidating within a crucial range as it attempts to gather momentum for its next significant move. A key support level, identified by analyst Crypto Patel, could either propel SOL toward new highs or leave it vulnerable to sharp declines.

Resistance emerges near SOL’s ATH as bulls face challenges

Highlighting Solana’s technicals, Patel notes that its previous all-time high (ATH) in the $260-$270 zone now serves as a critical resistance level. Recent attempts to突破 this level have stalled, indicating the challenges bulls face in driving SOL higher.

According to Patel, a sustained breakout move above this zone could signal a bullish trend toward the $300-$400 range. However, without strong buying pressure, the price may encounter resistance at lower levels.

The significance of the $150 support level for Solana

Patel's analysis points to the $150 level as a pivotal support for Solana. This zone aligns with the broader uptrend channel that began in mid-2022. Patel emphasizes the importance of holding this support to maintain bullish momentum.

A breakdown below this level could trigger panic selling, pushing the price toward mid-range support at $84.24 or even further to $39.82.

Bullish and bearish scenarios for SOL in focus

Crypto Patel outlines two contrasting scenarios for SOL. If the $150 support holds and bullish momentum builds, traders could see a push toward the $300-$400 range. On the flip side, a breach of $150 could trigger sharp declines, with traders eyeing lower support levels for potential opportunities. Patel advises closely monitoring these key levels for signs of the next big move.

At the time of writing, SOL trades at $186.40 with a 24-hour trading volume of $6.15 billion. Despite a modest 0.88% daily gain, SOL has declined by 13.85% over the past week. This range-bound movement highlights the delicate balance between bullish and bearish pressures.

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