Solana Bullish Run: SOL’s 5% Surge Brings $160 Within Reach
July 15 2024 - 8:00AM
NEWSBTC
Solana (SOL) price is currently on a bullish move, climbing over 5%
in the last 24 hours with strong bullish momentum toward the $160
resistance mark. Analyzing Solana’s growing momentum reveals that
it could be fueled by recent active buyers’ activity in the market
and optimism that the digital asset could be poised for further
gain. As Solana draws closer to the $160 mark, we will delve into
an in-depth examination of SOL’s upswing based on current price
actions, and key indicators supporting this upward trend, exploring
what this means for SOL’s future price prospects. SOL’s price is
currently trading at around $153 and has increased by 5.66% with a
market capitalization of over $71 billion and a trading volume of
over $2 billion as of the time of writing. In the last 24 hours,
SOL’s market cap and trading volume have experienced an increase of
5.68% and 28.45% respectively. Analyzing Technical Indicators
Supporting SOL’s Bullish Trend Currently, the price of Solana on
the 4-hour chart with bullish momentum has risen above the 100-day
Simple Moving Average (SMA) and the 4-hour bearish trendline. The
digital asset has been able to maintain its bullish sentiment since
these breaks and could continue its upward move toward the $160
resistance level. Also, the formation of the 4-hour Relative
Strength Index (RSI) suggests that SOL’s price may continue its
bullish move toward the $160 resistance level as the signal line of
the RSI indicator has been maintaining its bullish sentiment above
50% and is currently trending the overbought zone. On the 1-day,
the price of SOL has broken above the bearish trendline, and it can
be observed that the crypto asset is currently attempting a bullish
move above the 100-day SMA towards the $160 resistance level. Since
the break above the bearish trendline, Solana has been showing
bullish resilience, keeping a steady pace toward the $160 mark.
Finally, on the 1-day chart, a careful examination of the formation
of the 1-day RSI reveals that SOL could sustain its bullish trend
above the 1-day SMA and the bearish trendline toward the $160
resistance mark as the signal line of the indicator has risen above
50% and is currently attempting a move towards the oversold zone.
Resistance And Support Levels For Solana To Watch If SOL can
maintain its current bullish momentum to hit the $160 resistance
level and close above, it may continue to move upward to challenge
the $188 resistance level. When this level is breached, the digital
asset may experience further price gain toward the $205 resistance
level and possibly other levels above. Conversely, should SOL pull
back at $160, it will start to decline once more toward the $118
support level. Following a break below this level, the crypto asset
may see further price decline to challenge the $99 support level
and perhaps other levels below. Featured image from Adobe Stock,
chart from Tradingview.com
Solana (COIN:SOLUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024