Floodgates will open for Solana once SOL clears this level, according to a top crypto trader

Floodgates will open for Solana (SOL), a high-performance blockchain platform, has been consolidating in a multi-month accumulation range, but a top crypto trader believes that the floodgates will open once SOL takes out a key resistance level.

The trader, who is known as Bluntz on Twitter, has a strong track record of accurately predicting Bitcoin’s price movements. In a recent tweet, Bluntz said that Solana is poised for a breakout against Bitcoin (SOL/BTC) and the US dollar.

“Very impressed with SOL price action this week,” Bluntz tweeted. “Today’s price action is most likely a breakout on the BTC pair and [it’s] looking like a whole year of accumulation on not just USD but SOL/BTC is close to coming to an end. Once it breaks $32, the floodgates get unleashed.”

Bluntz’s chart shows that Solana has been trading in a range between $24 and $32 since June. However, the price has recently broken out of a descending trendline and is now testing the $32 resistance level.

If Solana can break out above $32, it would be a bullish signal that could lead to a significant rally. The next major resistance level is at $38, followed by $45 and $50.

Solana has been one of the best-performing cryptocurrencies in 2023, gaining over 100% year-to-date. The platform has been boosted by the growing adoption of decentralized applications (DApps) and non-fungible tokens (NFTs).

Solana is also known for its high scalability and low transaction fees. The platform can process up to 50,000 transactions per second (TPS) with fees as low as $0.00025.
If Solana can continue to grow and attract more users, it has the potential to become one of the leading blockchain platforms in the world.

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