Solarium It has recently shown impressive bullish momentum, with its price steadily increasing and now targeting the $164 mark. As the cryptocurrency approaches this key resistance level, attention now turns to whether this uptrend will lead to a significant breakthrough or face 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 lead 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%, reaching approximately $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 noticeable increase in market activity.
Solana Price Behavior Analysis
Solana price is currently bullish, rising above the 100-day simple moving average (SMA) on the 4-hour chart. This positive move indicates strong bullish momentum, suggesting that bullfighting are in control and can push the price towards the next key resistance level of $164.
Additionally, the Relative Strength Index (RSI) indicator is currently at 71%, indicating that SOL is in overbought territory. A sustained overbought condition indicates strong buying pressure, suggesting that bullish pressure remains strong in the market. market.
On the daily chart, SOL price is showing significant movement as it attempts to break above the 100-day simple moving average (SMA) following a rejection at the $137 mark. bullish The rise reflects strong buying pressure and positive market sentiment, increasing the likelihood that the $164 target could be reached soon.
Lastly, the 1-day RSI indicates that SOL’s bullish momentum is strengthening, with the signal line recently crossing above the 50% mark and currently at 54%. The upward movement of the RSI suggests intensifying buying pressure and growing bullish sentiment for the asset.
Short and long-term outlook: what to expect from SOL
If Solana can sustain its current bullish momentum to reach the $164 resistance level and close above it, it could continue to rise to challenge the $194 resistance level. When this level is breached, the digital asset could see further price gains towards the $209 resistance level and possibly other higher levels.
Conversely, if SOL pulls back to $164, it will start to fall once again towards $137. support level. After a break below this level, the price of the cryptoasset could continue to fall and challenge the $118 support level and perhaps other levels below.
Featured image from iStock, chart from Tradingview.com
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