Can Solana Hit $160? SOL’s Resilience Sparks Rally Optimism
09 Julio 2024 - 6:00AM
NEWSBTC
Currently, the price of Solana has been showing resilience amid
market volatility. This recent performance of SOL has raised rally
optimism among market participants as to whether the digital
asset’s price could potentially reach the $160 mark in the upcoming
days. Particularly, this article aims to provide technical insight
on recent price performance and technical indicators that suggest
the potential for the crypto asset to hit $160 focusing on the
4-hour and the 1-day chart. At the time of writing, SOL’s
price was up by over 7%, trading at about $143, with a market
capitalization of more than $66 billion and a trading volume of
more than $3.5 billion. In the last 24 hours, SOL’s market
capitalization and trading volume have increased by 7.81% and
55.69% respectively. Technical Insights On SOL’s Recent Price
Actions Presently, the price of SOL on the 4-hour chart with
bullish momentum is trading above the 100-day Simple Moving Average
(SMA). The digital asset has been on an upward spiral since after
failing to retest its previous low of $121 and given the price
movement, there are possibilities that it could still extend its
rally. Also, an analytical view of the 4-hour Composite Trend
Oscillator shows that the price of Solana may continue its
bullishness as the signal line has crossed above the SMA of the
indicator and both are attempting a move above 50%. On the 1-day
chart, Solana is attempting a bullish move towards the 100-day SMA
and the $160 resistance level after it has formed what looks like a
double-bottom pattern. With this price formation, the digital asset
could skyrocket, challenging previous resistance levels. Finally,
on the same 1-day chart, the composite trend oscillator also
indicates that SOL could potentially expand its bullish move as the
signal line is attempting to cross above the SMA of the indicator
and are both trending slightly above the oversold zone. Future
Outlooks If Solana Achieves The $160 Mark Given that Solana is
currently attempting an upward rally toward the $160 resistance
level, if the asset’s price reaches this level and closes above, it
will continue to ascend to test the $188 resistance level. It may
probably move on to test the $205 resistance level and other higher
levels if the $188 level is breached. However, if the price
reaches $160 and witnesses a rejection, it will start to drop again
toward the $118 support level. Should it break below this support
level, it will continue to descend to test the $99 support level.
Furthermore, the digital asset may witness a steeper decline to
test the $79 level and other levels on the chart if it breaks below
the $99 support level. Featured image from Adobe Stock, chart from
Tradingview.com
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