Solana Poised to Hit $175 Resistance Amid Bullish Momentum Surge

Solana (SOL) has been making significant strides recently, showcasing a resilient bullish trend and surpassing its bearish trajectory. As the cryptocurrency eyes the crucial $175 resistance level, investors are closely monitoring the current price action, anticipating a potential rally that could propel SOL to new heights.

With bullish sentiment surrounding SOL intensifying, let’s delve into the analysis of its price movements above the bearish trendline and explore the technical indicators hinting at sustained growth. This analysis aims to offer readers a holistic view of SOL’s projected trajectory in the coming days.

SOL Market Update

At the time of writing, SOL was trading around $169, experiencing a 5.12% surge. It boasted a market capitalization exceeding $78 billion and a trading volume exceeding $3.5 billion. Over the last 24 hours, SOL’s market cap surged by 5.21%, while its trading volume saw a remarkable 69.07% uptick.

Solana’s Journey Towards $175

On the 4-hour chart, SOL has maintained its bullish momentum post breaking the bearish trendline, positioning itself above the 100-day Simple Moving Average (SMA). This sustained trend suggests a potential move towards the $175 milestone.

The 4-hour Composite Trend Oscillator indicates that SOL might prolong its bullish trajectory above the trendline, with both the signal line and the SMA trending in the overbought territory. Additionally, there are no signs of the signal line dipping below the SMA, reinforcing the bullish sentiment.

Transitioning to the 1-day chart, Solana is currently making a bullish push towards the $175 resistance level, trading above the 100-day SMA. This positive momentum could drive the digital asset to breach the $175 mark successfully.

Furthermore, the composite trend oscillator reveals a bullish scenario, with the signal line crossing above the SMA and moving towards the overbought region. This formation suggests that SOL’s price might continue its upward trajectory above the trendline, heading towards the $175 resistance.

Implications of SOL’s Bullish Breakout

The current price action points towards Solana gearing up for a bullish surge above the trendline towards the $175 resistance. A successful breach could propel SOL towards the $188 level, followed by potential upswings towards the $205 resistance and beyond.

However, failing to surpass the $175 resistance might trigger a downtrend towards the $160 support level. In such a scenario, SOL could witness further declines, testing the $118 support range and potentially lower levels upon breaching this critical support level.

In conclusion, Solana appears primed for a bullish breakout, with the $175 resistance serving as a pivotal point in its journey. As investors keep a close watch on SOL’s price movements, the crypto asset’s performance above this level could chart a new course for its trajectory in the broader market.

Featured image from iStock, chart from Tradingview.com