After a tumultuous weekend, Solana's price finally broke through the $200 resistance level. Despite a market correction, bulls successfully held this level and converted it into a support level. With the bullish momentum continuing, this altcoin may see further gains. Although Solana has not yet broken the historical high of $294 set in January, the strong upward trend suggests that it may be time for this cryptocurrency to break through and retest this resistance level.
Solana's price remains strong in the bullish zone
Cryptocurrency analyst Mihai Lacob explains that Solana's price still has the potential to soar from now on. The analyst considers the performance of this altcoin over the past few months, and some significant developments indicate that buyers remain very active in this digital asset.
The current major price level seems to be $175, as this cryptocurrency has bottomed out during the last two market corrections. Mihai explains that this indicates strong market demand at $175, making it a solid buyer's area. This has also been a rebound point after previous corrections, with the most recent correction eventually breaking through $200.
Many factors support the bullish momentum for Solana's price, one of which is the rising positive momentum in the entire cryptocurrency market. Last week, Federal Reserve Chairman Powell hinted at possible interest rate cuts, causing the cryptocurrency market to rise. Therefore, with September approaching, expectations for rate cuts are continuing to push prices higher.
Another point noted by this cryptocurrency analyst is that Solana has shown a strong technical structure. This is because since April, Solana's price has been consistently making higher lows, indicating that most of the pressure is still upward.
Currently, $175 is the main demand area, and the support level is strong, indicating that it is still a buyer's market. Currently, the price has again broken through $200 and is expected to break through the resistance above $207, which will be favorable for prices.
What to pay attention to
As for how to trade Solana during this period, this cryptocurrency analyst emphasized two main things investors should pay attention to. First, whether Solana's price can maintain above $190 during this period. If the bears can break below this level, it would be bearish; but if it holds above this level, it indicates that bullish momentum may continue.
The next target may be to break through $207. Currently, this is a major level that Solana is struggling to reach during the weekend rebound. Analysts explain that once this resistance level is broken, Solana's price will rise to $250 and may hit a historical high of $300 in the medium term.
