- Solana trades at $161, up 1.32%, showing steady growth despite a 12% drop in trading volume to $6.37 billion.
- The key support at $157.7 could trigger gains toward $187 if the $146 support level holds strong.
- RSI at 58.43 indicates room for price gains, while the MACD suggests weakening bullish momentum in the market.
As of press time, Solana is trading at $161, representing a modest 1.32% increase over the past day. The price is experiencing stable growth as the trading volume declined by 12.04%, reaching $6.37 billion. The price of SOL is showing a bullish impulse with a last week gain of 6.42%. The coin, however, is experiencing crucial resistance.
Source: CoinMarketCap
Crypto Bully highlighted that SOL retraced 6% after taking partial profits at $168. He opines that the price might retest the $146 support region which falls in line with the anchored VWAP. With this support intact, SOL may recover to around the $187 or $188 mark in the future.
Source: X
Key Support Levels
The four-hour chart shows that the level of $157.70 is a very important support. The closure below this beckons to a continued dip, and the second supporting level is around $143-$146. Such a range might become a robust buying opportunity for traders wanting to purchase on a dip. As long as the price stays above this mark, SOL may extend its uptrend.
Source: X
Also read: Solana (SOL) Breaks Out Further, Eyes $180
The technical indicators of Solana have conflicting signs. The RSI stands at 58.43, which means that the coin is not overbought. This indicates that more price gain is possible. At the same time, the MACD data demonstrates the current value of 3.49 of the MACD line, 2.19 of the signal line and 1.31 of the histogram. It shows an upward trend, along with the MACD line above the signal line, which may be a continuation of the positive trend.
Source: TradingView
CoinGlass data shows that the open interest of Solana has surged by 3.12%, totaling $7.94 billion. Nonetheless, the volume of trade has gone down by 6.77 percent. The OI-weighted funding rate stands at 0.0084%. Nonetheless, the trade sentiment is relatively bullish as traders are observing major price levels.
Source: CoinGlass
Solana’s Potential Breakout
CoinCodeCap Trading mentioned that Solana is probing significant resistance at the levels of 160-165. Breaking above this range, the subsequent target will be approximately $180. Nevertheless, a retracement towards $140 is a good swing trade opportunity. The key support lies at the level of $140-$125, and the resistance is limited to $180.
Source: X
The price of Solana currently seems ready to move upwards, yet several resistance levels may coordinate the future trend. The traders are advised to monitor the resistance at the level of $165 and the support at $157.7. The next few days will show whether Solana will remain in its bullish trend or will enter a correction.
Also Read: Solana Battles to Hold $150 as Cross-Chain Inflows Top $125M in One Week
