Solana (SOL) Poised for Rally as Technicals Turn Positive, May Hit $200 Mark in Coming Weeks

Since its retest around the $120.40 low on September 2, Solana's native token, SOL, has been on a more potent bullish outlook.

Solana (SOL) price analysis reveals a bullish outlook with the cryptocurrency continuing its rally, driven by strong buying pressure and technical indicators hinting at a further uptrend.

Key Technical Points:

SOL price is currently trading at $175.89, showcasing a 6.03% surge in the last 24 hours.

The cryptocurrency has encountered resistance at $182.84, corresponding to the 78.6% Fibonacci level.

The RSI and MACD lines indicate a bullish continuation in the near term.

Solana Price Analysis: SOL Poised for Rally as Technicals Turn Positive

After retesting the crucial support level around $120.40 on September 2, Solana price action has shifted toward a more bullish outlook. This bullish trend is evident in the seven-week rally, with only one bearish close during this period.

As a result of this price uptick, Solana’s native token has surged past key resistance levels of around $163.56, last seen on August 8. This breakout has sparked optimism among traders, especially considering the token’s market value.

As press time, SOL trades at $175.89, reflecting a 6.03% increase over the last 24 hours. Notably, the cryptocurrency’s price is now approaching the next resistance level at $182.84, corresponding to the 78.6% Fibonacci level.

Moreover, the altcoin’s 24-hour trading volume has also surged by 6.87%, reaching $3.40 billion. This increase in buying pressure is further bolstering the bullish narrative for SOL.

Furthermore, the cryptocurrency’s open interest has also increased, indicating a positive outlook. In the last 24 hours, the OI has surged by 6.87%, reaching $3.40 billion. This buying pressure suggests that traders are confident in the asset’s potential for further gains.

From a technical perspective, the SOL cryptocurrency is poised for a rally as several key metrics hint at a bullish continuation in the near term.

For instance, the relative strength index presently points upward, indicating the token’s bullish sentiment is building up in the short term. With its RSI line at 58.82, there is more room for further price growth before reaching the overbought 70 level.

This suggests that SOL may continue its upward momentum in the coming days. Similarly, the moving average convergence divergence indicator at 6.49 paints an identical posture.

The MACD line reflects a bullish crossover with the signal line, adding to this optimistic price action. Moreover, the MACD’s histogram bars show green bars expanding above the zero line at 0.93. This implies that SOL’s positive outlook is strengthening in the short term.

Solana (SOL) price analysis reveals a bullish market structure with the cryptocurrency continuing its rally. However, further buying pressure and a close above the $182.84 resistance are necessary for SOL to reach the $200 mark.

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