Solana is again drawing attention in the market and surging after weeks of market volatility. As overall altcoin momentum continues to grow, SOL’s regained popularity indicates increased confidence among traders and optimistic sentiments among investors. All attention is now focused on how Solana will perform in the coming days as market activity continues to rise.
At the time of writing, Solana’s price is $150.07 with a 24-hour trading volume of $3.19B and a market cap of $77.7B. The SOL price over the daily and weekly charts is showing stability. However, on the monthly chart, its price is significantly up by 19.23%.
SOL price signals bullish continuation towards $152
According to a prominent crypto analyst, Gem XBT, Solana (SOL) has been drawing interest. In latest trading sessions as it has continued to show a bullish pattern. Currently, SOL is trading around $150.93, with a very compressed range after it registered a series of sequential higher highs and higher lows. A definitive sign of short-term bullish strength.
Persistent buying pressure continues to drive this upward movement, with major support solidifying around the $148 mark. Traders identify this zone as a crucial cushion, consistently absorbing downward moves and potentially setting the stage for another advance. Meanwhile, sellers have repeatedly defended the $152 resistance level, preventing buyers from breaking through in previous attempts.
Technical indicators are starting to show warning signs, though. The RSI is almost at overbought levels with a value of around the 70 mark. The latest rally shows signs of exhaustion, as overbought levels typically lead to a cooling-off or correction period. In addition to the mixed signals, Moving Average Convergence Divergence (MACD) is also beginning to flatten with a bearish crossover looming. This momentum divergence might signal that sellers are slowly taking over and a short-term pullback is in store if this resistance at $152 remains in effect.
