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    Solana is crypto to watch as the price remains bullish at key resistance


    • Solana blockchain is regarded as an Ethereum killer 

    • Solana’s SOL has returned 19% in per week

    • The cryptocurrency is about to break previous a resistance zone

    Solana SOL/USD has returned an enormous 19% in the previous week. As of the time of writing, the cryptocurrency was up 5% in the final 24 hours. SOL now trades at a resistance degree of $42, however bulls look doubtless to win.

    Solana blockchain has usually been touted as an Ethereum killer. The identify has originated from its similarities to Ethereum. The blockchain gives sooner transaction speeds and is more cost effective than Ethereum. For this motive, traders believed that Solana was a real rival of Ethereum.

    However, a sequence of exploits have raised doubts about the potential for Solana. The exploits, along with the bear crypto sentiment, noticed SOL token contact a backside of under $30. That compares to an all-time of $260 in November 2021 at the top of the crypto growth. SOL is nonetheless displaying that it may reclaim larger ranges as crypto sentiment instantly improves. We imagine this week might be monumental for traders wanting to add positions to the Solana token.

    SOL trades at resistance with the potential for a breakout 

    Source – TradingView

    SOL’s established resistance is at $42. That is the identical degree as the present price, suggesting {that a} breakout might happen. 

    A break above the $42 resistance builds a bull case for SOL. The price might rise to discover the subsequent resistance, which is established at $58. Still, we want to watch the crypto sentiment to confirm the viability of $58. A breakout will, nonetheless, make $42 the reference assist for SOL. 

    If SOL fails to break previous $42, it might slide again probably to $32. Nonetheless, with the crypto sentiment enhancing instantly, there is a excessive likelihood SOL will break previous the resistance. We want to watch how that pans out this week.

    Summary

    SOL is bullish at $42 resistance. Investors ought to watch for a possible breakout. The subsequent resistance to watch is $58.



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