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- Solana rises 4.23% in 24 hours, reaching $166, with a 10.88% increase in 24-hour trading volume.
- Testing key resistance between $160-$165; a breakout could push SOL price up to $180.
- Bullish short-term momentum continues, with a positive medium-term outlook for Solana’s price growth.
Solana (SOL) has increased by 4.23% over the last 24 hours and its price is currently at $166. This represents a significant increase that has continued and has been on an upward trend over the past week, during which SOL rose by 8.6%. The trading volume for the cryptocurrency within 24 hours is $6.58 billion, which is a 10.88 percent rise. These figures show that investors are interested and confident in the future of Solana.
Source: CoinMarketCap
According to CoinCodeCap Trading, Solana has been testing a significant resistance level between $160 and $165. This zone is particularly important because it is in coordination with the 200 Simple Moving Average (SMA), a key technical indicator. A successful breakout at $165 would lead the price of SOL to reach $180. Nevertheless, in case of a pullback in the cryptocurrency, traders may face a potential buying opportunity at the level of $140.
Short-Term Bullish Momentum
The asset is very bullish in the short term and the price is being driven by positive momentum. The medium-term outlook is also promising, and it may be expected that the price will still increase. But the trend over the long term shows it may decelerate or even reverse. Nevertheless, the Relative Strength Index (RSI) of Solana is not in the overbought region yet, so the current rally might not be overextended just yet.
Source: X
Solana can be supported at $140 and $125, whereas the resistance levels have been set at $165 and $180. Traders will be vigilant about these major price levels as price action develops.
The CoinGlass data shows that the trading volume was up by 14.05% to the value of $17.05 billion. The open interest is also increased by 2.5%, currently at $8.20 billion. The SOL OI-weighted Funding Rate is 0.0112%, which implies a little funding pressure. These data show a trend towards paying increased attention to Solana and future sustainability in the market.
Source: CoinGlass
Solana Faces Key Resistance
Crypto Bully mentioned that it had retraced 6% since his prior exit signal, which sent it to a previous booked profit level of $168. Nevertheless, he intends to re-enter the market and aims for a price of $187 to $188. He is especially seeking a retest of the anchored VWAP at $146, which occurred at former highs that served as support.
Source: X
The Solana coin is moving towards a major resistance level of $165. Should it succeed in pushing through, additional increases in prices may be experienced. The traders will have to keep an eye on the market to detect any indication of continuity or reversal in the days ahead.
