Solana
Solana (SOL) on the verge of reversal? $180 looming
Arman Shirinian
Solana stays in touch with the market and stays above the crucial price threshold
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Solana is preparing for its rebound as the asset steps on the accelerator near the $170 level, possibly changing the trajectory. Hopefully the price point mentioned in the title of this article proves prophetic soon. Recent price action seems to suggest that Solana could be preparing for a significant breakout as it tests the $180 level in the near future.
Now, turning the light on technical indicators, there are many buy signals in the price of Solana on the daily chart. The price has held well above the 50-day moving average, providing important support in a bullish recovery. The RSI pointing upward still has room until it hits 70 and is currently above the 50 level, indicating increasing buying pressure.
Meanwhile, volume has increased aggressively over the past few days, a sign of growing demand and investor confidence in the future of the sector. Solana. The MACD indicator also indicates that bullish signals remain intact when the MACD line moves above the signal line. Of course, the path to $180 will be extremely thorny for Solana, with the first critical resistance coming around $175, where the price has encountered resistance in the past.
If Solana manages to cross this threshold, then the next target becomes the $180 level. If Solana manages to breach this level, the bull rally could then push even higher to reach the $200 level. Investors have a positive outlook ahead of the Ethereum ETF. Analysts believe the next in line for an ETF is Solana. But it should be wiser to wait until the Ethereum ETF confirmation is here.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.