$SOL on the verge of a breakthrough after facing the 200 EMA, but the next target requires way more buying power
pairs but also exhibiting a possible deviation and trend line break on USD. The cryptocurrency might be setting up for a significant rally, indicating a potential investment opportunity.
Solana is a high-performance cryptocurrency blockchain that was marked as an"Ethereum killer" back in 2021. Its native token SOL is gaining traction after the devastating 2022, when FTX sold large quantities of the token in order to gain some liquidity.Over the past 10 days, Solana has already made a remarkable 35% move upwards. While some consolidation or a pullback can be expected after such a swift ascent, the overall trend appears bullish.
Furthermore, Solana has successfully broken through a significant resistance level that was formed in February. If this momentum continues, the next target for Solana could be approximately $25, coinciding with the last local high. At the time of writing, is trading at around $21, aligning with the 200-day exponential moving average resistance. This level could potentially turn into a reversal point for Solana, setting the stage for the next wave of upward movement.
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