Solana (SOL) has been showing a steady rise even as the overall market registered widely neutral price action for the day. Solana registered a gain of 2.4 percent over the past 24 hours, showing steady growth within a muted trading environment.
SOL gained 4.33 percent over the last week, further confirming persistent bullish action within the cryptocurrency’s current price movement.
Now, Solana is priced at $176.54, with the daily volume of trade being $6.09 billion after a gain of 30.34 percent within 24 hours. The market capitalization for it is $95.14 billion, indicating the stable and dominant presence of the token among major cryptocurrencies.
Watching the 7-day candlestick chart, SOL recorded a sharp drop near $155 on August 2, with a swift reversal thereafter. The currency resumed its rising trend from August 3, with widening green candles showing increasing demand for the coin among the market buyers.
Solana price breaks key resistance level
From August 4 through 5, the token climbed toward $170 before temporary selling pressure caused a short-term retreat. The rally picked up steam again by the 6th, breaking resistance and propelling the price to a high of $177.5 on the 8th of August.
The previous red candle indicates a bit of profit-taking, but momentum is still bullish overall. Solana could be moving into a new bullish leg, crypto analyst Ali says, with the preliminary signs indicating a breakout target of around $187.
The price action has broken a declining parallel channel and recovered the 0.618 Fibonacci level of $175.11. As long as the price stays above the $173 to $175 region, the bullish case remains intact, aided by good volume.
The configuration on the hourly chart also ensures the buyers have gained the ascendancy, opening the doors to further advance towards $181.08 and further towards $187.06.
Rejection would return the price to the lower end of the support levels, but momentum is towards further up moves on the short term.
