Solana Optimistic Network Token Breaks Out: What’s Next?
The Solana Optimistic Network (SOON) token has experienced a significant surge in price, rising by 25% in the last 24 hours to reach around $0.48. This breakout comes after weeks of consolidation, with the price finally surpassing the key resistance level of $0.4292. The increase appears to have been triggered by the token’s latest listing on Kraken on September 26th.
The breakout has pushed the price towards the August liquidity range, an area that was previously a sharp sales zone where sellers aggressively started after the early August spike. If the buyers can recapture this level, it suggests that the bullish impulse is strong enough to challenge the earlier offer and potentially reach the $0.55 to $0.60 range, where the price was previously rejected during its last rally.
Source: Tradingview
Future Price Movement
Looking ahead, the proof of the breakout zone is likely to be around $0.43, as short-term traders will look to take profits after the sharp rally. If the buyers can defend this zone, it could offer a launchpad for the continuation of the resistance area from $0.55 to $0.60, which corresponds to a potential upward trend of 14% to 30% compared to the current level.
Additionally, there is stronger support around $0.35, with the 20-day SMA converged with an increasing trend line, making it an important area of interest for dip buyers. With exchange listings often leading to short-term movements, this zone looks like a probable area where the decline will be bought back soon.
Key Levels to Watch
The short-term repetition test is likely to be around $0.43, but holding this level could trigger a change to $0.55 to $0.60. The breakout was confirmed after weeks of consolidation above $0.4292, with the price for August highs soon being promoted. Stronger support is around $0.35, with the technical confluence to a potential retreat zone indicating after an overstretching step.
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