Currently, Solana’s price is showing resilience to market volatility. SOL’s recent results have sparked optimism among market participants that the digital asset’s price could potentially reach $160 in the coming days.
Specifically, this article aims to provide technical information on recent price changes and technical indicators that suggest the potential for the cryptocurrency to reach $160, focusing on the 4-hour and 1-day charts.
At the time of writing, SOL stock is up over 7%, trading at around $143, with a market capitalization of over $66 billion and trading volume of over $3.5 billion. Over the past 24 hours, SOL stock has seen its market capitalization and trading volume enhance by 7.81% and 55.69%, respectively.
Technical insights on SOL’s recent price action
Currently, SOL price is trading above the 100-day elementary moving average (SMA) on the 4-hour chart with bullish momentum. The digital asset has been in an uptrend since failing to retest its previous low of $121, and given the price action, there is a possibility that it could still extend its rally.
Moreover, the analytical view of the 4-hour Composite Trend Oscillator shows that Solana price may continue its upward trend as the signal line has crossed the indicator’s moving average and both are trying to break above the 50% level.
On the 1-day chart, Solana is trying to make a bullish move towards the 100-day SMA and the $160 resistance level after forming what looks like a double bottom pattern. With this price formation, the digital asset could surge higher, challenging the previous resistance levels.
Finally, on the same one-day chart, the composite trend oscillator also indicates that SOL could potentially extend its bullish move as the signal line is attempting to cross the indicator’s moving average and both are slightly above the oversold zone.
Future Outlook If Solana Hits $160
Considering that Solana is currently attempting an upside rally towards the $160 resistance, if the asset price reaches that level and closes above it, it will continue to rise to test the $188 resistance. It could possibly proceed to test the $205 resistance and other higher levels if the $188 level is broken.
However, if the price reaches $160 and gets rejected, it will start falling again towards the $118 support level. If it breaks below this support level, it will continue falling to test the $99 support level. Furthermore, the digital asset could experience a steeper decline to test the $79 level and other levels on the chart if it breaks below the $99 support level.
