Solana Analysis: Rise to $163 on the Horizon?

Solana NFT Blockchain

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Cryptocurrency enthusiasts are keeping an eye on the Solana (SOL) price, with analysis from experts such as Ali and Rekt Capital detecting signs suggesting a possible rebound to $163. The identification of crucial resistance levels draws attention, indicating a potential shift towards a significant uptrend. This article explores recent analysis and developments that could impact Solana’s near future.

Solana Price Analysis:

Bull Flag Formation and the Critical Point of $110

Ali, a veteran trader, highlights the presence of a bullish flag formation on Solana’s hourly chart. According to his observations, the critical resistance level lies at $110. A successful close above this mark could trigger bullish momentum, taking SOL towards an ambitious target of $163. Analysts suggest close monitoring of these key levels in the coming days as they could be decisive for future price direction.

Solana analysis by expert @Ali_Charts.

Bullish rally and solid support

In the last 24 hours, a bullish rally has dominated the SOL market, supported by support established at $89.27. At the time of writing, SOL is trading at $100.63, registering a 7.2% rise from the intraday low, according to data from CoinGecko. This positive momentum indicates continued strength in the uptrend, supporting analysts’ expectations for the possible move towards $163.

Solana price on CoinGecko.

Critical resistance levels to monitor

Rekt Capital adds its perspective highlighting the importance of the $98 resistance level. This level is considered crucial for Solana’s price trajectory. A daily close above $98 could negate the current downtrend, setting the stage for a strong recovery. Market watchers are advised to pay special attention to these resistance points ($98 and $110) in the coming days as they could be indicative of significant movements in SOL price.

Developer Engagement: An Extra Boost

The optimism around Solana is not only based on technical analysis, but also on the remarkable growth of its developer community. According to recent data from the Solana Foundation, the number of monthly active developers has exceeded 2,500. This increase reflects a positive sign for the health and sustainability of the Solana ecosystem. The increase in developer retention in the last three months underscores the attractiveness and stability of the network.

Compared to blockchain development leader Ethereum, which has 5,769 monthly active developers as of October 2023, Solana’s increase in activity presents a promising outlook for its future. The developer commitment, combined with an impressive 500% increase in price between October and December, reflects growing interest and confidence in Solana’s capabilities.