Solana Smashes Major Resistance Levels, New All-Time High Imminent?

With previous price achievements, Solana (SOL) has become one of the biggest cryptocurrencies in the market, garnering the attention of investors and traders as its price continues to rise, hitting a new yearly high of $172.

Solana (SOL) Breaks Through All Critical Levels

Solana has effectively reached a new 25-month high, reflecting a strong positive interest from crypto investors within the sector. Due to this, several market experts are predicting that the crypto asset reaching a new all-time high is on the horizon.

Crypto Jelle, a cryptocurrency trader and analyst has shared his insights on Solana’s latest rally on X (formerly Twitter) while noting the significance of the development.

The crypto analyst pointed out that “SOL has surpassed every significant level preventing it from reaching new all-time highs.” This suggests that the digital asset could reach a new peak in the short term since there are only minor resistance levels ahead.

Jelle is optimistic about Solana, asserting that he has been able to “hold SOL with ease ever since it was at $20.” Furthermore, he mentioned that he “does not have any plans of selling” his SOL holdings anytime soon, demonstrating his belief in the coin to soar higher.

As Solana continues to rally, Jelle is confident that the asset will attract a lot of new retailers or investors. In addition, purchasing SOL serves as their entry point to position themselves for future gains.

The post read:

SOL has broken all major levels standing in the way of new all-time highs. I have been comfortably holding this one since $20, and I do not plan on selling it anytime soon. New retail will flock to Solana tokens, and buying SOL is their entry ticket.

According to Crypto Jelle, SOL is one of the largest assets in his crypto portfolio alongside Injective (INJ). Jelle asserted that both crypto assets are currently moving in an upward trajectory, signaling the start of their bull run.

Furthermore, he claims that SOL and INJ have reclaimed the top spot as the “altcoins market leaders.” Consequently, every other altcoin “will follow their lead” in this bull cycle.

$208 Resistance Level Might Be Revisited

Rekt Capital, a crypto expert has pointed out Solana’s potential to revisit the $208 resistance in the short term. At first, he underscored that the SOL is demonstrating strength similar to that of the 2021 bull cycle.

Since the digital asset broke out from the green zone, it has increased by over 118%. It has also increased by over 53% ever since it broke out of the Ascending Triangle.

Due to this, he believes the “$208 resistance level might be tested again” in the coming months. So far, SOL has climbed by over 23% in the past week, indicating a rise in buying pressure in the crypto market.

Featured image from Shutterstock, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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