Solana (SOL) Continues To Soar – How High Can It Go?

In the last three days, the price of Solana’s native cryptocurrency, SOL, has noticeably risen from approximately $180 to more than $210.

The fifth-ranked cryptocurrency, Solana (SOL), with a total supply of 441 million and a market cap surpassing $88 billion, has yet to dip below its previous low of $162.74 despite persistent efforts. SOL‘s price remains steady, demonstrating no intention of slowing down.

Will Solana Continue To Surge Upward?

Currently, Solana is experiencing a 6.25% increase in value, with each token trading at approximately $198 within the last 24 hours. It has surpassed its previous resistance point of $195. Moreover, the price is currently sitting above the 100-day moving average on the 4-hour chart of Solana versus the US Dollar pair. Should the price continue to rise, it could potentially breach its significant resistance level at $210 and reach new heights this year.

All these can be seen in the image below:

Solana (SOL) Continues To Soar – How High Can It Go?

By examining the given chart and utilizing the Relative Strength Index (RSI) indicator depicted, we observe that the RSI line lies above the 50 mark. This signifies that the value of SOL is currently in an uplifting market condition and may potentially experience further gains.

By examining the 4-hour chart more closely using the MACD indicator, it becomes apparent that the MACD is signaling a bullish trend since the MACD line, the signal line, and the MACD histogram are all positioned above the zero line.

In the end, according to the bull-bear momentum histogram, it seems that buyers are now in control of the market with significant strength, indicating they may drive prices up further.

We can confirm this in the image below:

Solana (SOL) Continues To Soar – How High Can It Go?
With the momentum that Solana is moving with, there is a possibility that it could break above its previous resistance level of $210.27. If this manages to happen we could see prices soaring higher especially with the level of demand momentum in the market

Could SOL Dip?

If the price of Solana doesn’t manage to rise above the resistance point of $210, there’s a risk it may correct downwards towards its initial support of $162. Should the price fall below this support, it could potentially trigger a more significant drop and initiate a bearish trend.

Solana (SOL) Continues To Soar – How High Can It Go?

Read More

2024-03-30 19:16