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Leading crypto trading analyst highlights key resistance level for Solana

Leading crypto trading analyst highlights key resistance level for Solana

The price of Solana (SOL) has risen sharply in recent days, and the token has already regained the loss it suffered during the previous 30 day.

In particular, the DeFi token is notably one of the most advanced layer-1 blockchains because of its timestamping capabilities and speed, and scalability.

Furthermore, given its recent upward momentum which is moving in line with the broader cryptocurrency market, prominent crypto trading analyst Michaël van de Poppe has highlighted key resistance tests for SOL.

On March 24, the trade expert said that the first level of resistance for Solana would be around $112 and the second barrier would be around $130 for the token.

“Might be looking at $SOL at $112 or $130 for some resistance tests.”

Solana resistance level. Source: Michaël van de Poppe

Crypto expert Ali Martinez had previously pointed out earlier this week that SOL has been generating bullish divergence, suggesting that it could result in the cryptocurrency’s price rising to $120, notably, in the region between what Poppe considers to be its two points of resistance.

“Solana price action appears to have formed a falling wedge on the daily chart while there seems to be a bullish divergence developing against the RSI. A decisive close above $94 could send $SOL to $120.”

Solana bullish divergence. Source: Ali Martinez

Solana chart analysis 

Presently, Solana is trading just short of a $100, changing hands around $98.91, up 7.71% on the day and 11.85% in the last week with a total market worth of $32.1 billion, according to CoinMarketCap data. 

Solana price. Source: CoinMarketCap

However, the ‘Ethereum killer’ is still a long way off the Solana price prediction for March 31, 2022, set by the crypto community with 70% historical accuracy.

It’s also worth mention that, on March 23, CoinShares, one of the leading cryptocurrency investment businesses in Europe, and the FTX cryptocurrency exchange announced a partnership to develop a new Solana exchange-traded product (ETP) that is backed by physical assets.

With a seed capital of 1 million SOL, the new product termed CoinShares FTX Physical Staked Solana will offer staking returns of 3% to investors.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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