Solana Bullish Run: SOL’s 5% Surge Brings $160 Within Reach

Solana (SOL) worth is presently on a bullish transfer, climbing over 5% within the final 24 hours with sturdy bullish momentum towards the $160 resistance mark. Analyzing Solana’s rising momentum reveals that it might be fueled by latest energetic consumers’ exercise available in the market and optimism that the digital asset might be poised for additional acquire.

As Solana attracts nearer to the $160 mark, we’ll delve into an in-depth examination of SOL’s upswing based mostly on present worth actions, and key indicators supporting this upward pattern, exploring what this implies for SOL’s future worth prospects.

SOL’s worth is presently buying and selling at round $153 and has elevated by 5.66% with a market capitalization of over $71 billion and a buying and selling quantity of over $2 billion as of the time of writing. Within the final 24 hours, SOL’s market cap and buying and selling quantity have skilled a rise of 5.68% and 28.45% respectively.

Analyzing Technical Indicators Supporting SOL’s Bullish Pattern

At present, the value of Solana on the 4-hour chart with bullish momentum has risen above the 100-day Easy Transferring Common (SMA) and the 4-hour bearish trendline. The digital asset has been in a position to preserve its bullish sentiment since these breaks and will proceed its upward transfer towards the $160 resistance stage.

Additionally, the formation of the 4-hour Relative Power Index (RSI) means that SOL’s worth could proceed its bullish transfer towards the $160 resistance stage because the sign line of the RSI indicator has been sustaining its bullish sentiment above 50% and is presently trending the overbought zone.

On the 1-day, the value of SOL has damaged above the bearish trendline, and it may be noticed that the crypto asset is presently trying a bullish transfer above the 100-day SMA in direction of the $160 resistance stage. For the reason that break above the bearish trendline, Solana has been displaying bullish resilience, maintaining a gradual tempo towards the $160 mark.

Lastly, on the 1-day chart, a cautious examination of the formation of the 1-day RSI reveals that SOL may maintain its bullish pattern above the 1-day SMA and the bearish trendline towards the $160 resistance mark because the sign line of the indicator has risen above 50% and is presently trying a transfer in direction of the oversold zone.

Resistance And Assist Ranges For Solana To Watch

If SOL can preserve its present bullish momentum to hit the $160 resistance stage and shut above, it could proceed to maneuver upward to problem the $188 resistance stage. When this stage is breached, the digital asset could expertise additional worth acquire towards the $205 resistance stage and probably different ranges above.

Conversely, ought to SOL pull again at $160, it is going to begin to decline as soon as extra towards the $118 assist stage. Following a break beneath this stage, the crypto asset may even see additional worth decline to problem the $99 assist stage and maybe different ranges beneath.