Can Solana Hit $160? SOL’s Resilience Sparks Rally Optimism

Presently, the worth of Solana has been exhibiting resilience amid market volatility. This current efficiency of SOL has raised rally optimism amongst market members as as to if the digital asset’s worth might probably attain the $160 mark within the upcoming days.

Notably, this text goals to supply technical perception on current worth efficiency and technical indicators that counsel the potential for the crypto asset to hit $160 specializing in the 4-hour and the 1-day chart. 

On the time of writing, SOL’s worth was up by over 7%, buying and selling at about $143, with a market capitalization of greater than $66 billion and a buying and selling quantity of greater than $3.5 billion. Within the final 24 hours, SOL’s market capitalization and buying and selling quantity have elevated by 7.81% and 55.69% respectively.

Technical Insights On SOL’s Latest Value Actions

Presently, the worth of SOL on the 4-hour chart with bullish momentum is buying and selling above the 100-day Easy Shifting Common (SMA). The digital asset has been on an upward spiral since after failing to retest its earlier low of $121 and given the worth motion, there are prospects that it might nonetheless prolong its rally.

Additionally, an analytical view of the 4-hour Composite Pattern Oscillator reveals that the worth of Solana could proceed its bullishness because the sign line has crossed above the SMA of the indicator and each are trying a transfer above 50%.

On the 1-day chart, Solana is making an attempt a bullish transfer in direction of the 100-day SMA and the $160 resistance stage after it has shaped what appears to be like like a double-bottom sample. With this worth formation, the digital asset might skyrocket, difficult earlier resistance ranges.

Lastly, on the identical 1-day chart, the composite pattern oscillator additionally signifies that SOL might probably increase its bullish transfer because the sign line is making an attempt to cross above the SMA of the indicator and are each trending barely above the oversold zone.

Future Outlooks If Solana Achieves The $160 Mark

On condition that Solana is at present making an attempt an upward rally towards the $160 resistance stage, if the asset’s worth reaches this stage and closes above, it is going to proceed to ascend to check the $188 resistance stage. It might most likely transfer on to check the $205 resistance stage and different larger ranges if the $188 stage is breached. 

Nonetheless, if the worth reaches $160 and witnesses a rejection, it is going to begin to drop once more towards the $118 assist stage. Ought to it break beneath this assist stage, it is going to proceed to descend to check the $99 assist stage. Moreover, the digital asset could witness a steeper decline to check the $79 stage and different ranges on the chart if it breaks beneath the $99 assist stage.