The crypto market is slowly recovering from the crash that took place on August 5th. Stemming from a US stock market fall that wiped $2 trillion in capital, digital assets have sought to rebound. Among them is Solana, who has seen a path to $190 open up as SOL attempts to fend off a recent downturn.
The token is down more than 1.3% in the last 24 hours, according to CoinMarketCap. Moreover, it has dropped well below the $150 level, currently trading at $147. Yet, sentiment could drive an ongoing rally. Moreover, there could be a scenario where SOL reaches explosive levels in the coming months.
Also Read: Solana (SOL): Will ETF Hype Push It Over $200 This Weekend?
Solana Looks to Challenge All-Time High in Incoming Reversal
Solana has had a rather impressive 2024. The token has firmly established itself within the top three cryptocurrencies in the entire industry. Moreover, it has increased more than 495% since this time a year ago. Yet, it has seen a decline threaten a lot of those gains, and concern some traders.
However, it could be a part of a larger picture. Indeed, Solana could be set to target $190 as SOL fights to fend off the recent downturn. Currently, the token approaches a critical moment at the $148 level. A key resistance should be forming, with a line descending and extending from August 7th.
Also Read: Solana: ETF Approval Drives SOL to $160 as it Outperforms Ethereum
Volatility and buying pressure are present, with the asset unable to really break away from the $147 mark. Yet, if it can move beyond the trend line, a bullish shift is in the cards. Further declines would set a new resistance to emerge at $144. On the contrary, a reversal could be epic.
Between $148 and $150, there is massive potential for a breakout. If one begins to form, the asset will likely set a firm course for $164. Success there would be monumental, according to some traders. Specifically, pseudonymous user CryptoJack took to X (formerly Twitter) to share his perspective.
They note that SOL could be preparing a break “above $190,” rather soon. Moreover, they stated, “It will likely explode to the upside.” Although there is a lot of downward potential, the upside is immense. This is especially true amid recent ETF hype. One VanEck executive called a SOL ETF “inevitable.”