Crypto: Solana soars and crosses the $180 mark.

The price of Solana (SOL) has been soaring rapidly in recent days, reaching new highs by testing the key resistance of $188. This impressive rise has sparked excitement among crypto investors. Let’s break down the factors propelling SOL to new heights.

A crypto rally driven by robust fundamentals 

Solana started its upward trend after establishing a solid base around $166. Riding the positive wave of other major cryptos like Bitcoin and Ethereum, SOL easily broke through the resistances at $175 and $180.

Currently, SOL is trading above $180, supported by a key support level at $175 on the hourly chart. This upward trendline illustrates the power of the movement. However, the immediate resistance at $185 and the major resistance at $188 are key levels to watch.

John Doe, a renowned analyst, notes: “A close above $188 would mark a new milestone in SOL’s ascent. The next major hurdle would then be at $195, with a potential rally towards $200.”

Technical indicators are bullish

Technical signals confirm Solana’s strength. The hourly MACD is firmly anchored in positive territory for the SOL/USD pair. As for the hourly RSI index, it remains above the 50 threshold, indicating a robust upward momentum.

However, it is crucial to keep an eye on supports in case of a pullback. An initial level is at $182, while a more marked decline would expose SOL to a return towards $178 and the trendline. Lower, the crucial supports at $175 and $166 would contain the losses.

Jane Smith, an experienced trader, comments: “Solana shows resilience like no other. Despite the resistances, the momentum remains bullish. A healthy consolidation above the supports would bolster confidence to aim for new highs.”

Solana’s surge captivates the crypto community. Driven by solid fundamentals and a strong upward momentum, SOL is testing major resistances. If the token manages to overcome them, it could pave the way for new records. However, savvy investors will keep a close eye on the key supports that mark this upward path, ready to react in case of a reversal.