Solana (SOL) is currently one of the high-flyers in the crypto market, recently recording significant gains following a market-wide rebound. Crypto analyst Rekt Capital has indicated that the crypto token is just getting started, revealing key levels to watch as Solana eyes higher prices.
In a post on X, formerly Twitter, Rekt Capital highlighted $180 and $202 as key price levels to monitor for Solana’s price. The analyst suggested that a successful retest of the $180 price level as new support could set the stage for a prolonged upward trend for Solana. The crypto token could ascend above $200 in the short term as it moves further upward. However, Solana would need to break the resistance at $202 as it aims to surpass its all-time high (ATH) of $260.
Following the recent market-wide rebound, Solana surged above $180, marking a three-month high for the token. Although Solana has since dropped below this price level, another rise above $180 could establish that range as new support, priming it for further upward movements. Rekt Capital emphasized that the $135 and $122 price levels have already been solidified as strong support for the token.
Crypto analyst Ali Martinez recently predicted that Solana could skyrocket to as high as $1,000. Martinez noted that early signs of a breakout from a bull pennant suggest a potential 900% rally ahead for Solana.
Additionally, crypto analyst Javon Marks provided a bullish prediction, stating that Solana could rise to $233 and then $450. Marks based his projections on Solana’s bullish structure, which recently confirmed a hidden bullish divergence. He explained that this divergence could push Solana’s price above $204, potentially leading to a 40% rally to $233.8 as prices “hold broken out of a much larger resisting structure.” Marks also suggested that this bullish divergence could drive Solana’s price to $450.
There are several reasons to be bullish on Solana, especially given the token’s status among the ‘big 3’ alongside Bitcoin and Ethereum in the current bull run. Solana’s market dominance has fueled expectations that a Spot Solana ETF may soon receive approval. The anticipation of such an ETF has influenced Solana’s price, with fund issuers VanEck and 21Shares filing to offer Spot Solana ETFs. If launched, these funds could contribute to further parabolic price gains for Solana, akin to the impact of Spot Bitcoin ETFs on BTC’s price.
The steady rise in Solana’s total value locked (TVL) also paints a positive picture for the token. Data from DeFiLlama indicates that Solana’s TVL has been rising significantly since the start of the year, reaching new highs. The network’s TVL currently stands at $5.21 billion, making it the third-highest among all chains.
At the time of writing, Solana is trading around $173, down over 1% in the last 24 hours, according to CoinMarketCap.
