Solana Recently, its price has seen impressive momentum with a steady increase and it is now eyeing the $164 mark. As the cryptocurrency approaches this key resistance level, the focus now shifts to whether this bullish trend will lead to a significant breakthrough or face resistance.
The aim of this article is to provide a comprehensive technical analysis of Solana’s current price movement, focusing on its approach towards the $164 resistance level. The goal is to assess whether the cryptocurrency’s bullish momentum can take it past this key threshold, exploring possible 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 reach 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 increase in market activity.
Analyzing Solana’s Price Performance
Solana’s price is currently in an uptrend, moving above the 100-day simple moving average (SMA) on the 4-hour chart. This positive momentum indicates strong upward momentum, which suggests that BULLS are in control and could lead the price towards the next major resistance level at $164.
Furthermore, the Relative Strength Index (RSI) indicator is currently at 71%, which shows that SOL is in the overbought region. The continued overbought condition indicates strong buying pressure, which suggests that the upbeat pressure in the market remains strong. market,
On the daily chart, SOL price is seeing notable volatility as it tries to break above the 100-day SMA after rejection at the $137 level. speed This surge reflects strong buying pressure and positive market sentiment, increasing the possibility that the $164 target could be reached soon.
Finally, the 1-day RSI indicates that SOL’s bullish momentum is getting stronger, with the signal line recently crossing the 50% mark and currently standing at 54%. The upward movement in the RSI indicates increased 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 touch and close above the $164 resistance level, it may continue moving upwards to challenge the $194 resistance level. When this level is broken, the digital asset may experience further price growth towards the $209 resistance level and possibly other levels above.
Conversely, if SOL recovers to $164, it will begin its decline towards $137 once again. Help level. After breaking below this level, the crypto asset price could witness further declines, challenging the $118 support level and perhaps other levels below.
Featured image from iStock, chart from Tradingview.com
