As the crypto market moves sideways, Solana (SOL) compresses between two key levels. Some analysts suggest that the cryptocurrency is about to break out and reclaim a crucial resistance level, which could trigger the long-awaited retest of the $200 barrier.<\/p>\n
After recovering from last month\u2019s downtrend, Solana has been attempting to reclaim the crucial $160 level to continue its bullish rally. The cryptocurrency traded between the $140-$180 range for two months, but briefly lost its post-breakout range in late June.<\/p>\n
Two weeks ago, SOL fell below the $130 area, hitting a two-month low of $126 on June 22. Since then, the altcoin has recovered, fueled<\/a> by last week\u2019s launch of a Solana staked crypto Exchange-Traded Fund (ETF) in the US by Rex Shares.<\/p>\n Following the news, Solana\u2019s price jumped toward the $160 resistance level but was rejected, hovering between the $145-$155 price range for the past week. On Tuesday, SOL fell below the $150 level, hitting the $147 support before bouncing.<\/p>\n Analyst Ali Martinez noted<\/a> that the $147.59 area is one of the most important support levels for Solana, as losing this level could trigger a pullback to the next key zone around the $141 mark.<\/p>\n Similarly, market watcher Man of Bitcoin affirmed<\/a> that SOL\u2019s key support to maintain is around $141.91, adding that \u201ca sustained break below this level would suggest that wave-C of (ii) is already underway.\u201d<\/p>\n The analyst previously<\/a> warned that there is a potential scenario \u201cwith one more low in wave-5,\u201d if the cryptocurrency doesn\u2019t hold about the $148 mark. However, maintaining this support would build a base to target the local highs.<\/p>\n Analyst Carl Runefelt from The Moon Show affirmed that SOL is \u201cabout to break off\u201d a triangle formation and test the $162 resistance. As the price compresses between the upper and lower boundaries, the analyst suggested that the cryptocurrency\u2019s breakout is around the corner.<\/p>\n Notably, Solana has been forming a one-week symmetrical triangle pattern in the daily chart. If the cryptocurrency successfully breaks<\/a> above the $152-$153 zone, it could see a 10.87% jump toward the technical target of $167.<\/p>\nSOL About To Retest $160?<\/h2>\n