Is SOL Heading For $163? Analysts Identify Key Resistance Levels

Cryptocurrency analysts are closely watching Solana’s (SOL) price movement as emerging patterns suggest a potential rise to $163. Veteran traders Ali and Rekt Capital have identified key resistance levels that, if surpassed, could signal a significant uptrend. Ali notes a bull flag formation on the hourly chart, with $110 as the critical resistance level. A successful closure above this point could propel SOL towards an ambitious $163 target.

In addition, a bullish rally has controlled the SOL market in the last 24 hours after support was established at $89.27. The bull rally still had the upper hand at press time, with SOL exchanging hands at $102.50, a 13.45% surge from the intra-day low, according to CoinStats.

SOL/USD 24-hour price chart (source: Coinstats)

SOL’s Critical Resistance Levels to Watch

Rekt Capital adds to this analysis by pointing out the importance of the $98 resistance level. This figure represents a pivotal point for Solana’s price trajectory. A daily close above this level could invalidate the current bearish trend, setting the stage for a robust recovery. Observers are advised to closely monitor these resistance points ($98 and $110) in the upcoming days.

Developer Engagement Fuels Optimism

Adding to Solana’s potential is the notable growth in its developer community. Recent data from the Solana Foundation reveals an increase in monthly active developers, now exceeding 2,500. This surge in developer activity is a positive sign for the ecosystem’s health and sustainability. The increased retention rate of developers over the past three months further underscores the network’s attractiveness and stability.

Solana’s growth is particularly noteworthy in the broader context of blockchain development. While Ethereum remains the leader with 5,769 monthly active developers as of October 2023, Solana’s increasing developer count and network activity present a promising outlook for its future. This surge in developer engagement, coupled with a 500% price rally between October and December, reflects the growing interest and confidence in Solana’s capabilities.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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