Solana
Solana prepares for significant upward movement; Can SOL Price Reach $175?
After a brief rally, the bulls have become a bit exhausted, as prices of popular tokens struggle to break through their respective resistance levels. Meanwhile, one of the altcoins, Solana, maintains an upward trend and tops the winners lists among the top 100 tokens in the market. Therefore, this suggests that the SOL Price could maintain a healthy recovery for the rest of the day, which could help the rally reach crucial resistance soon.
After a period of sustained growth followed by a retracement, SOL price is now preparing for a notable uptrend. Market indicators suggest that the crypto has undergone a necessary correction, which has now paved the way for a resurgence towards its previous all-time highs. Moreover, with investor sentiment optimistic and technical data suggesting a continuation of an uptrend, Solana price is expected to maintain a huge upside and form a new ATH in the coming days.
The daily chart of Solana looks extremely bullish as prices have printed consecutive bullish candles. However, the bears are using all their strength to limit the price below the key resistance at $158. On the other hand, the technical aspects show a major transition that is fast approaching. The Bollinger Bands showed bullish divergence, while the trend indicator DMI is neutral.
The ADX is heading south and the two indicators, +Di and Di are going in parallel, with the expectation of a bullish crossover. Therefore, the price is expected to maintain upward consolidation and reach the local resistance at $160, which also collides with the upper Bollinger bands. This may also lead to bearish action, but after a short-term pullback, Solana price is expected to maintain an upward trend.
Once this move materializes and sustains, SOL price could find itself at the neckline of the double bottom pattern, and a slight bullish push could push the token to new highs.