Solana Price Analysis: $190 Key to New ATH?
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Solana (SOL) is currently consolidating around $177, having rallied 80% from its April lows. Analysts see a key resistance level at $181 (200-day SMA), and a decisive break above this, particularly above $190, could signal a continuation of the uptrend and a potential push towards new all-time highs. The current consolidation is viewed positively, with supporting indicators like upward-trending EMAs and SMAs suggesting a healthy pullback before another leg higher. However, the broader market's uncertainty, tied to Bitcoin's price action near its all-time high, introduces a degree of caution. While volume has decreased during the consolidation, a return of volume accompanying a breakout above $181 could confirm the bullish sentiment. Analyst Jelle emphasizes the significance of the $190 level; surpassing it would likely trigger a strong bullish move. Holding above $170 is crucial for bulls to maintain control. The interplay between Bitcoin's price and Solana's ability to break the $181 resistance will determine the short-term trajectory. If Bitcoin demonstrates strength and Solana surpasses $190, it could ignite a broader altcoin market rally. The next few days are considered pivotal for Solana's price movement. The technical analysis suggests a neutral-to-bullish outlook, contingent on maintaining support levels and overcoming key resistance.
(Source: https://www.newsbtc.com/news/solana/solana-bulls-watch-the-190-level-aths-back-in-sight/)
