Solana (SOL) price is currently in an uptrend, gaining over 5% in the last 24 hours with strong upward momentum towards the $160 resistance level. Solana’s rising momentum analysis reveals that it could be driven by recent active buyers in the market and optimism that the digital asset could be poised for further gains.
As Solana stock approaches the $160 level, we will take a deep dive into examining the SOL stock rally based on current price action, key indicators supporting this uptrend, and explore what this means for the future SOL price forecast.
SOL price is currently trading at around $153 and is up 5.66% with a market cap of over $71 billion and a trading volume of over $2 billion at the time of writing. In the last 24 hours, SOL market cap and trading volume have seen an increase of 5.68% and 28.45% respectively.
Analysis of technical indicators that support the upward trend of SOL stock
Currently, Solana price on the 4-hours chart is rising with bullish momentum above the 100-day simple moving average (SMA) and the 4-hours descending trend line. The digital asset has managed to maintain its bullish sentiment since these breakouts and could continue its upward move towards the $160 resistance level.
The 4-hours RSI formation also suggests that SOL price could continue its upward move towards the $160 resistance level as the RSI signal line has been maintaining its bullish sentiment above 50% and is currently heading towards the overbought zone.
On the first day, SOL price broke the downtrend line, and it can be seen that the crypto asset is currently trying to move higher above the 100-day SMA towards the $160 resistance level. Since breaking above the downtrend line, Solana has shown upward resilience, maintaining a steady pace towards the $160 mark.
Finally, on the 1-day chart, a close examination of the 1-day RSI formation reveals that SOL could maintain its upward trend above the 1-day SMA and the bearish trend line towards the $160 resistance mark as the indicator’s signal line has risen above 50% and is currently trying to move towards the oversold zone.
Resistance and support levels to watch for Solana
If SOL can sustain its current bullish momentum to reach the $160 resistance level and close above it, it could continue moving upwards to challenge the $188 resistance level. When this level is broken, the digital asset could see further price gains towards the $205 resistance level and possibly other higher levels.
Conversely, if SOL drops to $160, it will start a decline again towards the $118 support level. After breaking below this level, the crypto asset could see further price declines to challenge the $99 support level and possibly other levels below.