A strong break of the $202 resistance has put Solana ($SOL) back on track as far as this bull market is concerned. With the all-time high at $264 just on the horizon, can the $SOL bulls achieve this level and beyond? $SOL to lead the crypto charge What a difference a day makes. It was only yesterday that the $SOL price (SOL/USDT) was still languishing at $189, while on Thursday the price is at $207, and currently above the very strong resistance at $202. Will the bulls be able to close the day above this important level, thereby flipping it into support? If any of the major cryptocurrencies, outside of Bitcoin, are going to lead the charge into the next leg of this bull market, it is probably going to be $SOL. There is just so much going in Solana’s favour. It has become the blockchain with the greatest amount of daily transactions, the highest amount of fees, and many other metrics too numerous to mention. If you add to this cutting edge technology, huge adoption, and the possibility of the first Spot Solana ETF being approved later this month, you have the recipe for a huge growth spurt in price. Triangle breakout plus major horizontal resistance breakout Source: TradingView The 4-hour chart for $SOL shows the breakout from the triangle, and also the breakout of major horizontal resistance at $202. Given that the price has now found resistance at $207, it wouldn’t be a surprise if the price now comes back to retest the $202 level, thereby confirming it as a support level again. The more bearish scenario is that this breakout becomes a fake-out, and this could then result in a return inside the $202-$175 range. However, if the price can survive the next two or three days above $202, this scenario becomes more unlikely. $202 level can become $SOL launchpad for next bull phase Source: TradingView From the perspective of the weekly chart, things look extremely positive for the $SOL price. The very strong horizontal support level at $175 held perfectly, and the bounce from there is still ongoing. If the price can hold $202, this can be the launchpad for the next stage of this bull market. Weekly bullish momentum not far off At the bottom of the chart, the Stochastic RSI, which signals price momentum, shows the indicator lines very advanced towards their respective bottoms. Once these two lines turn back around, and the blue fast line is able to cross above the orange slow line, and both lines cross back above the 20.00 level, stand by for some potentially explosive momentum underneath the price. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
