Major cryptocurrency Solana (SOL) will rocket upwards if it manages to break free of the $190 resistance level, according to popular crypto influencer CryptoJack on X. He tweeted that despite the ongoing crypto market slump, Solana is one cryptocurrency that can make it big if the bulls make a little effort.
According to Jack:
“The price of #solana is approaching the resistance of this range. Once $SOL breaks above $190 it will likely explode to the upside.”
Image Source: CryptoJack on X Recent SOL Price Action
SOL has had a roller coaster in the last 30 days. The index recorded a new multi-month high before slumping to 5-month lows in a flash crash.
Image Source: TradingView
The cryptocurrency started the last 30 days at $144 and is still trading around that valuation at press time. However, despite the negligible net change in the index at the end, the digital currency experienced major price movements during this time.
Starting with the second half of July, the digital currency rose steadily and reached over $190 by July 24. This was a 100-day high for SOL, and the positive market conditions made many experts declare that a major bull run was imminent. However, what happened next was a major bearish spectacle. The fifth-largest cryptocurrency by market capitalization started dropping sharply in value, following BTC’s negative price trend. By August 5, it had receded a whopping 40% and went below $120. The index started to recover immediately afterward and exceeded $160, but a late price drop has forced it back below $145.
Can SOL Shoot Past $190?
Solana blockchain’s native cryptocurrency is no stranger to extreme price volatility. The index went below $15 during the 2022-2023 bear market but began to recover strongly at the start of the last quarter of 2023. Despite recent hiccups, SOL is anticipated to have a massive 2024-2025 bull market. Much programming development is being carried out on the Solana blockchain, outperforming Ethereum in many metrics. If it sustains itself, this strong demand for SOL can propel SOL to new highs and reward investors considerably in the incoming bullish season.
So, SOL is very much expected to go above $190, and if it does so convincingly, CryptoJack’s prediction might come true, and bulls are likely to spring into action. However, SOL is waiting for a major bullish signal from the larger crypto market, whose performance has been under par since the bullish sentiment of the first quarter of 2024.
