Solana solusd The cryptocurrency has recently shown impressive bullish momentum, with its price steadily rising and now targeting the $164 level. With the cryptocurrency approaching this key resistance level, the focus now turns to whether this uptrend will lead to a major breakout or face resistance.
This article aims to provide a comprehensive technical analysis of Solana’s current price action, focusing on its approach to the $164 resistance level. The goal is to assess whether the cryptocurrency’s bullish momentum can push it through this key threshold, and explore potential scenarios for a major breakout or potential hurdles that could hinder further gains.
Over the past 24 hours, the price of SOL has increased by more than 5% to around $154. During this period, the market cap of the cryptocurrency has exceeded $71 billion, and its trading volume has exceeded $2 billion. The market cap has increased by 5.85%, while the trading volume has increased by 96.25%, indicating a significant increase in market activity.
Solana Price Performance Analysis
Solana price is currently bullish, as it has risen above the 100-day simple moving average (SMA) on the 4-hour chart. This positive move indicates strong bullish momentum, suggesting that oxen Now, the prices are under control and may push the price towards the next major resistance level at $164.
Also, the Relative Strength Index (RSI) is currently at 71% which indicates that SOL is in the overbought zone. The sustained overbought condition indicates strong buying pressure which suggests that positive pressures remain strong in market.
On the daily chart, SOL price is showing a big move as it tries to break the 100-day simple moving average after being rejected at the $137 level. rising The rise reflects strong buying pressure and positive market sentiment, increasing the likelihood of achieving the $164 target soon.
Finally, the 1-day RSI indicates that the bullish momentum of SOL stock is strengthening, as the signal line recently crossed the 50% mark and is currently holding at 54%. The upward movement in the RSI indicates intensifying buying pressure and growing bullish sentiment for the asset.
Short-Term vs. Long-Term Outlook: What to Expect from SOL
If Solana can maintain its current bullish momentum to reach the $164 resistance level and close above it, it could continue moving upwards to challenge the $194 resistance level. When this level is broken, the digital asset could see further price appreciation towards the $209 resistance level and possibly other higher levels.
Conversely, if SOL stock drops to $164, it will start falling again towards $137. Supports After falling below this level, the crypto asset may see further price declines to challenge the $118 support level and possibly other levels below.
Featured image by iStock, chart by Tradingview.com
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