Solana
SOL’s 5% rise puts $160 within reach
Solana (SOL) price is currently in an uptrend, climbing over 5% in the last 24 hours with strong bullish momentum towards the $160 resistance mark. Solana’s growing momentum analysis reveals that it could be fueled by recent activity from active buyers in the market and optimism that the digital asset could be poised for further gains.
As Solana approaches the $160 mark, we will dive into an in-depth look at SOL’s bullishness based on current price action and key indicators supporting this uptrend, exploring what this means for SOL’s future price outlook.
SOL price is currently trading around $153 and has increased by 5.66% with a market cap of over $71 billion and a trading volume of over $2 billion at the time of writing. In the last 24 hours, SOL’s market cap and trading volume have increased by 5.68% and 28.45% respectively.
Analysis of technical indicators supporting SOL’s bullish trend
Currently, the price of Solana On the 4-hour chart with bullish momentum, bitcoin price broke above the 100-day simple moving average (SMA) and the 4-hour bearish trend line. The digital asset has been able to maintain its bullish sentiment since these breakouts and could continue its upward movement towards the $160 resistance level.
Furthermore, the formation of the 4-hour Relative Strength Index (RSI) suggests that SOL price could continue its bullish move towards the $160 resistance level as the signal line of the RSI indicator has maintained its bullish sentiment above 50% and is currently moving towards the overbought zone.
In 1 day, SOL price has broken above the downtrend line and it can be observed that the crypto asset is currently attempting an upward move above the 100-day moving average towards the $160 resistance level. Since the break above the downtrend line, Solana has shown bullish resilience, keeping a steady pace towards the $160 mark.
Finally, on the daily chart, a close look at the daily RSI formation reveals that SOL could maintain its uptrend above the daily SMA and the downtrend line towards the $160 resistance bar, as the indicator’s signal line has crossed above 50% and is currently attempting a move towards the oversold zone.
Resistance and Support Levels to Watch for Solana
If SOL manages to maintain its current upward momentum to reach the Resistance level at $160 and by closing above, it could continue moving higher to challenge the $188 resistance level. When this level is breached, the digital asset may see a further price surge towards the $205 resistance level and possibly further levels above.
Conversely, if SOL pulls back to $160, it will start to decline once again towards the $118 support level. After a break below this level, the price of the crypto asset could fall further to challenge the $99 support level and perhaps other levels below.
Featured image from Adobe Stock, chart from Tradingview.com