Solana (SOL) Price Reclaims Crucial Resistance Levels, Intending to Achieve $200?

The SOL price has never lost the key support levels which is one of the main reasons to remain bullish on the crypto for a longer timeframe

Solana price rallied notably from the crucial support levels and traders can now expect a sustained ascending trend in the upcoming days. However, the bulls may face resistance at $160, and if they can withstand the pressure, a rise above $175 could be on the cards.

Despite the recent bearish market trend, Solana price has managed to stay above the crucial support levels, which is one of the main reasons to remain bullish on the crypto for a longer timeframe.

After rising above $150, the SOL price is now juggling around $153 and $155 as the upward pressure remains restricted within a range. Therefore, the price is now expected to rise within the range before the end of the day, failing which the price could face another pullback. However, the 5th largest token, Solana has triggered a 10% upswing in the past 24 hours and also has become the 5th largest traded token.

Solana Price Might Reclaim Crucial Resistance Levels

The Solana price experienced a massive fall recently, losing over 50% in less than a week, marking the bottom close to $110. However, the current trade set-up suggests the selling volume has largely faded, which may pave the way for a sustained ascending trend. Besides, the +Di & -Di have triggered a divergence suggesting a bullish crossover of DMI could be nearby. Secondly, MACD displays a drop in the selling pressure which could offer the bulls a strong base to maintain a healthy upswing.

Solana price has surged above the average range of the descending parallel channel and with this, the possibility of reaching the upper resistance emerges. However, the bearish intervention could occur at $160 and if the bulls manage to withstand the pressure, a rise above $175 could be imminent. Regardless of the upswing, rising above these levels and reaching $180 could be a tedious job as the bulls have fallen weak here multiple times.

Hence, the Solana (SOL) price rally remains uninterrupted until $175 but rises above $184, which is the pivotal resistance that currently appears to be misty.

The above is the detailed content of Solana (SOL) Price Reclaims Crucial Resistance Levels, Intending to Achieve $200?. For more information, please follow other related articles on the PHP Chinese website!