This article is also available in Spanish.
Solana (SOL) is trading above $150 after days of uncertainty and testing critical demand levels. The altcoin is up 13% since last Thursday, showing signs of strength amid market volatility. Now, Solana is just 5% away from the key resistance level of $160, a crucial level it has not crossed since early August. This resistance represents a pivot point for SOL, as a break above it could trigger a significant upward move.
Related reading
Senior analyst and investor Carl Roenfeldt shared a technical analysis that suggests Solana is forming a bullish pattern. According to his analysis, if SOL breaks above this pattern, it could trigger a massive rally and possibly reach all-time highs. While traders are watching this resistance level closely, the next few days will be crucial to determine Solana’s future price action.
Investors are looking to see if SOL is able to break out and spark a broader rally or if it will face rejection and enter a consolidation phase. With growing momentum, Solana’s price movements have become the center of attention in the cryptocurrency market.
Solana analyst expects new ATH soon
Solana is approaching the critical $160 resistance level after a 4% rally in the past few hours. Analysts and investors are paying close attention as the entire cryptocurrency market rebounds from local lows, and Solana is now poised to follow the trend.
The cryptocurrency has risen 13% since last Thursday, and is 5% away from breaking the key resistance level of $160, a level it has not surpassed since early August. The growing market optimism is being reflected across social media platforms, where speculation is growing about Solana’s future price movement.
Prominent cryptocurrency investor and analyst Karl Roenfeldt recently weighed in Technical analysis of Solana on X. In his analysis, Roenfelt highlights that Solana is forming a bullish pattern, which could indicate a massive breakout if the price breaks above the $160 resistance level.
According to Roonevelt, Solana’s rise to all-time highs will be significant once the upper boundary of this ascending triangle pattern is broken.
The $160 area has proven to be a major resistance level, pushing Solana price three times since early August. With Solana approaching this critical level again, many investors are optimistic that the price will break through this time, creating significant upward momentum.
Related reading
However, failure to break through this resistance could lead to consolidation, as traders look for stronger confirmation of the next big move.
The coming days will be crucial for Solana, as the market eagerly awaits confirmation of the breakout or further consolidation. If the bulls break the $160 resistance level, it could pave the way for Solana to target new highs, bringing renewed interest and momentum in the altcoin price.
The SOL supply zone is on the verge of collapse
Solana (SOL) is trading at $153 after a modest rally above the 200 daily moving average (MA) at $151. This upward movement represents an important moment for SOL, as being above this crucial indicator is a positive signal for potential future gains. If the price can maintain its position above the 1D 200 MA, it could pave the way for a direct push towards the key $160 resistance level.
A successful close above $160 would open the door to the challenge of reaching the yearly highs of $210, tempting traders and investors looking for momentum in the altcoin. However, if Solana fails to maintain its position above the 200 daily moving average, investors expect a bounce back to lower demand levels around $140.
Related reading
Staying above the 1D 200 MA will be crucial in determining the short-term trend for SOL. Investors are watching these levels closely, as they could indicate either continued bullish momentum or a potential reversal, leading to increased volatility in the coming days.
Featured image by Dall-E, chart from TradingView
Comments are closed, but trackbacks and pingbacks are open.