Solana (SOL) is currently one of the biggest names in the crypto market. The crypto token recently recorded one of the biggest gains following the market-wide recovery. Crypto Analyst Rekt Capitalhowever, it suggested that the crypto token is just getting started, revealing key levels to watch as Solana seeks higher prices.
Key Levels to Watch in Solana Price
In an X (old Twitter) publishRekt Capital highlighted $180 and $202 as key price levels to watch The price of Solana. The analyst stated that a successful retest of the $180 price level as new support could continue an upward trend over time for Solana. SOL could rise above $200 in the near term as it pushes further upwards. However, the cryptographic token would need to break resistance at $202 as it looks to break its all-time high (ATH) of $260.
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Following the recent market-wide rally, Solana has surged above $180, a three-month high for the crypto token. Although the crypto token has since fallen below this price level again, another rise above $180 will help SOL establish this price range as a new support and set it up for a moves further to the positive side. As highlighted by Rekt Capitalthe $135 and $122 price levels have already been established as solid support for the crypto token.
Rekt Capital’s analysis follows that of crypto analyst Ali Martinez recent forecast that Solana could surge to $1,000. Martinez said that early signs of a bullish pennant breakout suggest a potential 900% rally ahead for Solana.
![Path to $200: Crypto Pundit Reveals Key Levels to Watch for Solana Price 1 Solana 2](https://thegurumedia.com/wp-content/uploads/2024/07/Solana-2.png)
Crypto Analyst Javon Marks also offered a bullish prediction for Solana, stating that the crypto token will rise to $233 and then to $450. He made this prediction based on SOL’s bullish structure, which he noted has also recently confirmed a hidden bullish divergence.
Marks explained that this divergence could send Solana price back above $204 and lead to a price rally of over 40% to $233.8 as prices “hold a breakout from a much larger resistance structure.” The analyst also suggested that this bullish divergence will see Solana price rally to $450.
![Path to $200: Crypto Pundit Reveals Key Levels to Watch for Solana Price 2 Solana 3](https://thegurumedia.com/wp-content/uploads/2024/07/Solana-3.png)
Enough reasons to be optimistic about Solana
There are enough reasons to be bullish on Solana, especially considering how the crypto token has earned the status of being among the ‘big 3’ alongside Bitcoin and Ethereum in this bull run. Solana’s dominance in this market cycle is one reason why market participants anticipate that a spot Solana ETF will likely be approved next.
Solana’s price appears to be reacting to such expectations, with fund issuers VanEck and 21Shares filing for an offering Spot Solana ETFs. If eventually launched, these funds could contribute to further parabolic price gains for SOL, considering the Spot Bitcoin ETFs impact on the price of BTC.
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The steady increase in Solana’s total value locked (TVL) also paints a bullish picture for the crypto token. Data DeFiLlama’s TVL data shows that Solana’s TVL has been increasing significantly since the beginning of the year and has continued to reach new highs. The network’s TVL currently stands at $5.21 billion, the third-highest among all networks.
At the time of writing, Solana was trading at around $173, down more than 1% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com