Can Solana Price Hold Onto Key Resistance At $173 Or Are Red Flags Incoming?

Like most altcoins, Solana (SOL) has been steadily rising in recent weeks. The Solana price has surged by about 23% in the past week alone, with investors anticipating a major breakout above $173. While traders are watching for a breakout, a breakdown is also a possibility as market volatility could affect Solana’s much-anticipated high. 

That’s why more SOL investors seek alternatives to diversify their portfolios and make the most of the ongoing bull run. But what does the future hold for SOL in the short and long term? Let’s find out whether the altcoin bulls will drive it higher or the bears will slow down its momentum. 

Solana dips as investors take profits 

After Solana’s earlier rally to around $180 in the past week, the token has now encountered a dip. The current Solana price stands at around $178, which reflects investors’ pullout from the market as profit-taking increases. Now, SOL is in a price test situation with its key resistance level at $173. 

Source: TradingView 

Technical analysis suggests the bulls are still in control. The moving averages (MA) indicate a strong buy sentiment, but the slight dip in the SOL trading volume is a noteworthy red flag. This means SOL traders are observing the markets cautiously,  and it’s crucial to remain optimistic but cautious. 

Key levels remain crucial for a new SOL breakout 

If the SOL price is to experience a massive breakout, it must move beyond the $173 to $175 zone that it has been treading in the last few days. The sideways movement suggests that the bulls are still not in total control, which could cause more investors to take profit before the next decline in the SOL price. 

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Source: CoinMarketCap 

A boom in the Solana meme coin ecosystem will be a major driver for the altcoinfor altcoin. Plus, growing decentralized finance (DeFi) activities, including staking, lending, yield farming, and decentralized app (dApp) development, are crucial to Solana’s next breakout. If the token survives the pullback and retests a price zone above $180, we could see SOL rise to new monthly highs. 

This new altcoin is attracting Solana investors 

While investors anticipate Solana’s next big move, Remittix, a new Ethereum-based token, is setting the altcoin market on fire with its presale. The Remittix presale has been filling fast, with over 5305 million RTX tokens sold and nearlyand over $15 million raised within a few months. 

The massive demand for RTX is due to investors’ search for a top penny crypto with potential, which Remittix is proving to be. The earliest RTX investors have already seen over 400x gains since the project’s initial coin offering (ICO) began. They are also optimistic that Remittix’s use cases will drive it to massive highs after the project launches fully and lists its token on exchanges. 

Some of these use cases include Remittix’s support for direct crypto-to-fiat transactions. This comes at a crucial time for payment finance (PayFi), which stands to profit handsomely from a trillion-dollar remittance market. With Remittix API, individuals and businesses can spend, send, and receive crypto and have it converted to 30+ local currencies, which can be deposited into their bank accounts instantly.  

The best part is that Remittix offers this utility with zero fees or intermediaries, with users enjoying faster, cheaper, and safer financial transactions, whether they choose crypto or fiat. Altcoin whales are now flocking to Remittix as a Solana alternative, and now would be the best time to stack up RTX tokens at a low price of $0.0757 before it booms. 

Discover the future of PayFi with Remittix by checking out their presale here:

Website: https://remittix.io/

Socials: https://linktr.ee/remittix