Solana’s Rollercoaster: Will It Soar or Sink? 🎢

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In the grand theater of cryptocurrency, Solana (SOL) has once again taken center stage, reclaiming its rightful place among the stars, albeit with a few dramatic twists. As the market, like a weary traveler, pauses to catch its breath, our dear Solana finds itself at a pivotal juncture—a crossroads that could either launch it into the heavens or tether it to the ground.

Solana’s Rally: A Comedy of Errors

Ah, the price of Solana! It has danced and twirled, recovering from the dismal depths of April’s despair, only to rise like a phoenix from the ashes. After reaching a dizzying height in January, it plummeted to a 14-month low of $95, a sight that would make even the most stoic investor weep.

Yet, in a remarkable turn of events, Solana ascended above critical thresholds during the late April market revival, embracing the $140 resistance as if it were an old friend. With a flourish, it surged nearly 30% to the $180 mark, only to flirt with a three-month high of $183 before retreating to the comforting embrace of $170.

Our astute Crypto Trader Mercury, with a flair for the dramatic, proclaimed that Solana had reached a “very HTF infection point.” One can only imagine the suspense! If reclaimed, this point could catapult the cryptocurrency to new heights. Alas, the market’s lethargy has cast a shadow over SOL’s rally, as it languishes in the $165-$170 range over the weekend.

In a twist worthy of a Tolstoyan novel, Mercury noted that SOL was rejected from the key inflection point, just enough to allow for a retest of the very trend that brought it to this moment. How poetic! He believes that reclaiming the $180 mark and breaking free to new ATHs is on the horizon, provided that the 4H 200MAs trend holds. Fingers crossed! 🤞

Meanwhile, the ever-analytical Cas Abbé reassured us that Solana’s multi-year trend remains steadfast, despite recent hiccups. With a glimmer of hope, he pointed out that the cryptocurrency is over 50% up from its multi-year ascending trendline retest, suggesting that perhaps, just perhaps, the bottom has been reached.

Solana Chart

Cas believes that the January ATH may not be the pinnacle, and another record-breaking rally could be on the horizon. Coinvo, another trader, echoed this sentiment, declaring, “If SOL continues to hold this trendline, it’s going much higher!” A chorus of optimism, indeed!

SOL’s Aspirations for a $200 Breakout

As the weekend unfolded, analyst Rekt Capital boldly asserted that Solana has ventured into its Post-Halving Re-Accumulation Range on the monthly timeframe, successfully retesting the $120-$135 range as support. A feat worthy of applause!

This crucial retest propelled the cryptocurrency to revisit the heights of the $165-$175 range. However, Rekt explained that for Solana to confirm a breakout and continue its ascent, it must breach the upper boundary—a task it failed to accomplish during last week’s close. The suspense is palpable!

Moreover, SOL must break and retest this upper boundary as new support, with a Weekly Close above this mark to escape the key range. Rekt pointed out that previous performance suggests a price breakout could indeed be on the cards.

According to its Q4 2024 price action, if Solana builds a sturdy base around the Range high’s resistance, the chances for a rally are high. Rekt concluded with a flourish, “SOL simply needs stability here at the Range High resistance, as that would telegraph that this is an area that is becoming support.”

As of this moment, Solana trades at $165, a modest 3.1% decline in the daily timeframe. The drama continues! 🎭

Solana Price Chart

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2025-05-20 13:41