With previous price performance, Solana (SOL) has become one of the largest cryptocurrencies on the market, capturing the attention of investors and traders as its price continues to rise, reaching a new yearly high of $172.
Solana (SOL) breaks through all critical levels
Solana has actually hit a new 25-month high, reflecting strong positive interest from crypto investors within the sector. As a result, several market experts predict that the crypto assets will reach a new all-time high.
Crypto Jelle, a cryptocurrency trader and analyst, has done just that shared his insights on Solana’s latest meeting on X (formerly Twitter), while noting the significance of the development.
The crypto analyst pointed out that “SOL has surpassed every significant level, preventing it from reaching new all-time highs.” This suggests that digital assets could reach a new peak in the near term as only minor resistance levels lie ahead.
Jelle is bullish on Solana, claiming that he has “easily held SOL since it hit $20.” Furthermore, he said he has “no plans to sell his SOL holdings anytime soon,” demonstrating his belief in the coin to move higher.
As Solana continues to rise, Jelle is confident the assets will attract many new retailers or investors. Furthermore, the purchase of SOL serves as a starting point to position itself for future gains.
The message read:
SOL has broken all major levels and is blocking new all-time highs. I’ve had this one comfortably since $20, and I don’t plan on selling it anytime soon. New retail will flock to Solana tokens, and buying SOL is their ticket.
According to Crypto Jelle, SOL is one of the largest assets in its crypto portfolio next to Injective (INJ). Jelle claimed that both crypto assets are currently on an upward trajectory, signaling the start of their bull run.
Furthermore, he claims that SOL and INJ have reclaimed the top spot as ‘altcoin market leaders’. Consequently, every other altcoin will “follow their lead” in this bull cycle.
The $208 resistance level may be revisited
Rekt Capital, a crypto expert, has done that pointed out Solana’s potential to revisit the $208 resistance in the near term. Initially, he highlighted that the SOL is showing strength similar to that of the 2021 bull cycle.
Since digital assets emerged from the green zone, they have risen by more than 118%. It has also increased by over 53% since breaking out of the ascending triangle.
As a result, he believes that the “$208 resistance level will be tested again in the coming months.” So far, SOL has risen by more than 23% in the past week, indicating an increase in buying pressure in the crypto market.
Featured image from Shutterstock, chart from Tradingview.com
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