Solana’s SOL Token: Testing the $61 Resistance Level
Solana’s SOL token has surged to a crucial technical level, marking a potential turning point in its market trajectory.
Renowned analyst Rekt Capital observes that SOL is currently undergoing a test of the $61 resistance level, a significant barrier that restrained its upward movement in 2021. This level aligns with the upper boundary of a key range, defined by horizontal resistance and an ascending trendline.
Historically, SOL has encountered challenges and experienced notable retracements when reaching this zone in the past year. Rekt Capital suggests that there is a possibility of history repeating itself.
The Importance of the $61 Resistance
During its ascent, SOL encountered strong resistance at $53, leading to a consolidation phase before successfully breaking through to its current $61 valuation. This emphasizes the substantial technical significance of the $61 barrier.
If rejected at this level, there is a potential for a pullback towards the lower end of the range, approximately around $35. This is a critical support zone that SOL had successfully tested earlier in the year.
Conversely, a decisive daily close above $61 would be considered highly bullish, indicating the potential for further upward movement towards the horizontal resistance at $88. Achieving this would mark a new high for the current market cycle.