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Solana (SOL) gained attention in the cryptocurrency market last week with a price increase of over 7%. This price surge surpassed the gains seen in Bitcoin (BTC) and Ethereum (ETH). This pushed SOL to its highest price level in the last three months before a pullback. During this period, Rekt Capital, a notable figure in the market, analyzed Solana and highlighted important price levels.
Solana Analysis
Rekt Capital‘s analysis of Solana highlighted two significant resistance levels. The first key resistance level on the chart was $180, indicated by a green circle (below), which was surpassed after a weekly candle close, showing the invalidity of the rise.
Generally, analyses show that closures above resistance levels turn these levels into support. This can be seen as an indicator of an upward trend. Another level pointed out by the analyst for Solana was $202. Surpassing this level will confirm the upward trend and potentially lead to further gains.
On the other hand, $135 is seen as a solid support level for Solana. This level has been tested multiple times in the past. If the first support is lost, the next support is seen at the $122 region.
Current Solana Price
When examining Solana’s price, it is observed that the launch of Ethereum ETFs and Mt. Gox refunds have caused a decline. After a drop of over 4% in the last 24 hours, it is trading at $172.
Solana’s market cap fell below $80 billion, down to $79.9 billion. More importantly, the 24-hour trading volume dropped by 12% to $3.2 billion.
The decline in market cap for Solana is thought to be related to a decrease in interest. Additionally, there are views that Solana holders may not want to sell at these levels, which could be related to investors‘ efforts to keep the price high.
