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Solana Sets Sights On $175 Resistance As Bullish Momentum Builds
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Solana Sets Sights On $175 Resistance As Bullish Momentum Builds

Godspower Owie
Godspower Owie
11 months ago
2 mins read
Solana

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Lately, the price of Solana (SOL) has been demonstrating bullish resilience and gaining significant growth above its bearish trendline. Market participants are closely watching this current price action with the $175 resistance acting as a pivotal point, and a break above it could set the stage for a potential rally that might propel the crypto asset towards the $175 mark.

As bullish sentiment around SOL continues to build, this article seeks to analyze its current price movements above the bearish trendline and the technical indicators suggesting sustained growth. The goal is to provide readers with a comprehensive understanding of SOL’s potential future trajectory.

SOL’s price was trading at approximately $169 and was up by 5.12% with a market capitalization of over $78 billion and a trading volume of over $3.5 billion as of the time of writing. In the last 24 hours, the asset’s market cap has increased by 5.21%, while its trading volume has increased by 69.07%.

Solana Eyes The $175 Mark

On the 4-hour chart, after breaking above the bearish trendline, SOL has continued to maintain its bullish momentum, trading above the 100-day Simple Moving Average (SMA). This sustained momentum could potentially set up a move toward the $175 mark.

Solana
Source: SOLUSDT on Tradingview.com

The 4-hour Composite Trend Oscillator confirms that SOL could continue its bullish trajectory above the trendline, as both the signal line and the SMA of the indicator are currently trending in the overbought zone. Also, the signal line shows no sign of crossing below the SMA.

On the 1-day chart, following the breakthrough, Solana is currently attempting a single candle bullish move toward the $175 resistance mark, trading above the 100-day SMA. This bullish momentum could potentially drive the digital asset to reach the $175 mark.

Solana
Source: SOLUSDT on Tradingview.com

Lastly, it can be observed that the signal line has crossed above the SMA of the indicator and has crossed above the zero line, with both lines attempting to move toward the overbought zone. This formation of the composite trend oscillator suggests that SOL’s price may continue its current bullish move above the trendline toward the $175 resistance.

The Implications Of SOL’s Bullish Breakout

The current price action suggests that Solana is on the verge of igniting a bullish move above the trendline toward the $175 resistance mark. If the coin achieves this level and breaks above, it could lead to a further climb toward the $188 mark. When this level is breached, the digital asset may experience a price increase toward the $205 resistance level and possibly other levels above.

However, if Solana fails to break above the $175 resistance mark, it may start a fresh decline toward the $160 support level. Furthermore, the cryptocurrency could experience additional price drops, potentially challenging the $118 support range and possibly lower levels if this support is breached.

Solana
SOL trading at $169 on the 1D chart | Source: SOLUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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