Solana Sets Sights On $175 Resistance As Bullish Momentum Builds
July 20 2024 - 10:00AM
NEWSBTC
Lately, the price of Solana (SOL) has been demonstrating bullish
resilience and gaining significant growth above its bearish
trendline. Market participants are closely watching this current
price action with the $175 resistance acting as a pivotal point,
and a break above it could set the stage for a potential rally that
might propel the crypto asset towards the $175 mark. As bullish
sentiment around SOL continues to build, this article seeks to
analyze its current price movements above the bearish trendline and
the technical indicators suggesting sustained growth. The goal is
to provide readers with a comprehensive understanding of SOL’s
potential future trajectory. SOL’s price was trading at
approximately $169 and was up by 5.12% with a market capitalization
of over $78 billion and a trading volume of over $3.5 billion as of
the time of writing. In the last 24 hours, the asset’s market cap
has increased by 5.21%, while its trading volume has increased by
69.07%. Solana Eyes The $175 Mark On the 4-hour chart, after
breaking above the bearish trendline, SOL has continued to maintain
its bullish momentum, trading above the 100-day Simple Moving
Average (SMA). This sustained momentum could potentially set up a
move toward the $175 mark. The 4-hour Composite Trend Oscillator
confirms that SOL could continue its bullish trajectory above the
trendline, as both the signal line and the SMA of the indicator are
currently trending in the overbought zone. Also, the signal line
shows no sign of crossing below the SMA. On the 1-day chart,
following the breakthrough, Solana is currently attempting a single
candle bullish move toward the $175 resistance mark, trading above
the 100-day SMA. This bullish momentum could potentially drive the
digital asset to reach the $175 mark. Lastly, it can be observed
that the signal line has crossed above the SMA of the indicator and
has crossed above the zero line, with both lines attempting to move
toward the overbought zone. This formation of the composite trend
oscillator suggests that SOL’s price may continue its current
bullish move above the trendline toward the $175 resistance. The
Implications Of SOL’s Bullish Breakout The current price action
suggests that Solana is on the verge of igniting a bullish move
above the trendline toward the $175 resistance mark. If the coin
achieves this level and breaks above, it could lead to a further
climb toward the $188 mark. When this level is breached, the
digital asset may experience a price increase toward the $205
resistance level and possibly other levels above. However, if
Solana fails to break above the $175 resistance mark, it may start
a fresh decline toward the $160 support level. Furthermore, the
cryptocurrency could experience additional price drops, potentially
challenging the $118 support range and possibly lower levels if
this support is breached. Featured image from iStock, chart from
Tradingview.com
Solana (COIN:SOLUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024