Solanum has recently shown impressive upward momentum, with its price steadily rising and now heading towards the $164 level. With the cryptocurrency approaching this key resistance level, attention now turns to whether this uptrend will lead to a significant breakout or meet resistance.
This article aims to provide a comprehensive technical analysis of Solana’s current price movement, 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, examining potential massive breakout scenarios or possible obstacles that could hinder further gains.
Over the past 24 hours, the price of SOL has increased by over 5%, reaching around $154. During this period, the cryptocurrency’s market capitalization has exceeded $71 billion, and its trading volume has exceeded $2 billion. The market capitalization has increased by 5.85%, while the trading volume has increased by 96.25%, indicating a significant raise in market activity.
Solana’s Price Performance Analysis
Solana price is currently bullish, rising above the 100-day straightforward moving average (SMA) on the 4-hour chart. This positive move indicates mighty upward momentum, suggesting that bulls are in control and could push the price towards the next key resistance level at $164.
Moreover, the Relative Strength Index (RSI) is currently at 71%, which shows that SOL is in overbought territory. The persistent overbought state signals mighty buying pressure, suggesting that bullish pressure remains mighty in market.
On the daily chart, SOL price is showing significant movement, attempting to break above the 100-day SMA after a rejection at $137. bullish The raise reflects mighty buying pressure and positive market sentiment, increasing the likelihood that the $164 target will become achievable soon.
Finally, the 1-day RSI indicates that SOL’s bullish momentum is strengthening, with the signal line recently crossing the 50% level and currently sitting at 54%. The upward movement of the RSI suggests increasing buying pressure and rising bullish sentiment towards the asset.
Tiny-term and long-term outlook: what to expect from SOL
If Solana maintains its current bullish momentum to reach the $164 resistance level and close above, it could continue to go higher to challenge the $194 resistance level. Once this level is broken, the digital asset could experience further price growth towards the $209 resistance level and possibly other levels above.
On the other hand, if SOL pulls back to $164, it will start falling again towards $137. support level. After breaking through this level, the crypto asset may experience further price decline to challenge the $118 support level and perhaps other levels below it.
Featured image from iStock, chart from Tradingview.com
