Bitrabo Editorial
Solana’s price has been steadily rising, aiming to reach the $164 milestone. The focus now turns to whether this upward trend will lead to a significant breakthrough or encounter resistance.
This analysis evaluates Solana’s current price movement as it nears the $164 resistance level, exploring the potential for a major breakout or any hurdles that could impede further progress.
Within the last 24 hours, SOL’s price surged by over 5%, hitting around $154. The cryptocurrency’s market cap surpassed $71 billion, with a trading volume exceeding $2 billion. Both market cap and trading volume have shown significant increases, indicating heightened market activity.
Price Performance Analysis
Solana’s price trajectory is bullish, surpassing the 100-day Simple Moving Average (SMA) on the 4-hour chart. This positive movement suggests strong upward momentum, hinting at potential progress towards the $164 resistance level.
Additionally, the Relative Strength Index (RSI) currently stands at 71%, indicating SOL is in an overbought condition. This sustained overbought status implies robust buying pressure, underscoring continued market optimism.
On the daily chart, SOL is making significant strides to break above the 100-day SMA after facing resistance near the $137 mark. This bullish momentum reflects strong buying activity and optimistic market sentiment, increasing the likelihood of reaching the $164 target.
The 1-day RSI reveals SOL’s strengthening bullish momentum, as the signal line recently crossed above 50% and now sits at 54%, indicating growing buying pressure and bullish sentiment.
Short-Term vs. Long-Term Outlook for SOL
If Solana maintains its bullish momentum and surpasses the $164 resistance level, it could continue to advance towards the $194 and $209 resistance levels, potentially achieving higher price levels.
Conversely, a retreat at $164 could lead SOL back towards the $137 support level, with further downside potentially testing the $118 support level and beyond.