Key Takeaways
- Solana’s price breaking above $200 with strong volume could see the price trade towards $500.
- Technical indicators such as Moving Averages, RSI, and volume indicate bullish price action for SOL.
- Solana’s bullish rally could gain significant attention above $200, acting as a major resistance level for traders.
Solana’s price has seen significant growth over the last couple of weeks, breaking above the key resistance zone of around $155 that had previously prevented the price from making a strong market rally to the upside.
However, recent price action for SOL price has come as a big boost for investors and traders looking to leverage on the price action of one of the biggest crypto market caps, following the price of Solana trading above $175 since its previous attempt to $200 was rejected to the lower price zone of $100.
Solana’s price has demonstrated resilience since then, trading above the key support zone of $120 to $130 over the past few weeks, leading to a strong price prediction in recent times of above $170. Traders and investors remain optimistic regarding the next price target for SOL.
Solana’s Market Overview
Solana has established itself as one of the major altcoins in the bull market, following strong market price action and high-volume activities within its ecosystem, which has led crypto experts to keep a close tab on its price action.
Crypto experts, such as Ansem, on their X account, have drawn the attention of the X community to SOL’s bullish price action, as they believe the price chart looks bullish enough for a rally towards its previous all-time highs of $295.
CryptoJelleNL also shared a similar bullish market sentiment, as breaking above the key resistance zone of $200 could see the price of SOL rally to potential new all-time highs.
Solana Technical Analysis
SOL 1D Price Chart – Source TradingView
Support and Resistance Levels: The region of $145 has emerged as a strong support level for the SOL price, with its price attempting to break above the $185 to $200 key resistance zone. A close above the $200 resistance zone could see Solana price rally to potential all-time highs of $300 and above.
Technical Indicators: Technical indicators, such as the 50-day Moving Average, 200-day Moving Average, Relative Strength Index (RSI), and Volume, have all indicated bullish price action for the Solana price, as traders are looking to buy more to the upside and not trade against the market.
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