The post Will Solana’s Price Stay Below the $180 Mark? Here Are 2 Altcoins Ready to Surge if They Break Key Resistance appeared on BitcoinEthereumNews.com.

As Solana (SOL) inches closer to the pivotal $180 threshold, traders and investors are keenly observing its ability to maintain momentum amid significant token unlocks and robust technical indicators. A successful breach of this key resistance level could not only bolster SOL’s upward trajectory but also set the stage for two other promising altcoins to experience substantial gains. In the following analysis, we explore Solana’s current market position and highlight the potential surges in XYZ and XRP should they break key resistance levels. Solana (SOL) Poised for Potential 12% Gain Amid Token Unlock and Bullish Indicators Solana (SOL) is currently trading near $153.50, experiencing a 6.65% increase over the past week and a 12.42% gain over the last month, with a more substantial 13.89% rise over six months. SOL is nearing its nearest resistance level at $181.71, with a secondary resistance target at $202.73. A breakthrough above $181.71 could propel SOL towards its secondary resistance at $202.73, supported by a 10-day SMA of $167.09 positioned above the 100-day SMA of $160.08, indicating a sustained bullish trend. Additionally, analysts are monitoring whether SOL can maintain its position above the crucial $160 mark, a key psychological level that may influence its immediate outlook. This upward trajectory aligns with Solana’s upcoming token unlock scheduled for this week, which will introduce 524,030 SOL tokens into circulation, valued at approximately $88.46 million. This translates to a daily release of about $12.49 million worth of SOL tokens. Historically, such unlocks have occasionally triggered short-term price declines; however, SOL has shown resilience by absorbing the increased supply and subsequently recovering in the following weeks. Currently, technical indicators remain optimistic, with the MACD at 0.7932 reinforcing bullish momentum, while the RSI stands at 58.01 and the Stochastic oscillator at 90.48, both suggesting strong buying interest and potential for…

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Filed under: News - @ October 22, 2024 11:21 am