Solana ($SOL) Price Surges: Is a New All-Time High Within Reach?

Solana ($SOL) has exceeded the $202 resistance, rekindling its momentum in this bull market. With the previous peak at $264 in sight, can the $SOL bulls push even further?

$SOL Set to Spearhead the Crypto Rally

What a transformation in just 24 hours. Yesterday, the $SOL price (SOL/USDT) was stuck at $189, but by Thursday, it had climbed to $207, surpassing the robust resistance at $202. Can the bulls manage to maintain this critical level by the day's end, effectively turning it into a support?

If any major cryptocurrency other than Bitcoin is poised to spearhead the next phase of this bullish trend, it is likely to be $SOL. Solana is currently excelling with the highest daily transactions, the largest fee collection, and many other impressive metrics.

Couple this with its advanced technology, widespread adoption, and the potential approval of the first Spot Solana ETF later this month, and you have the makings of a significant price surge.

Triangle and Key Horizontal Resistance Breakthrough

Source: TradingView

The 4-hour chart for $SOL highlights a breakout from a triangle pattern and a breach of the significant horizontal resistance at $202. Now that the price faces resistance at $207, it wouldn't be surprising if a retest of the $202 level occurs, potentially solidifying it as a new support level.

A more pessimistic scenario is that this breakout could be a false alarm, leading to a reentry into the $202-$175 range. However, if the price remains above $202 over the next few days, this possibility diminishes.

$202 Level as a Potential Launchpad for $SOL's Next Bullish Phase

Source: TradingView

From a weekly chart perspective, the outlook for $SOL is very promising. The strong horizontal support at $175 held firm, and the ongoing rebound from that level remains strong. Maintaining $202 could serve as a launchpad for the next bullish phase of the market.

On the lower part of the chart, the Stochastic RSI, an indicator of price momentum, shows that the lines are nearing their lowest points. When these lines reverse, with the faster blue line crossing above the slower orange line and both moving past the 20.00 mark, it could signal a strong momentum boost for the price. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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