Will Solana Continue Its Upward Trend?

Solana’s native cryptocurrency SOL has been on a continuous upward trajectory over the past three days, rising from approximately $180 to surpass $210. However, a subsequent pullback occurred, causing the price to dip below the $200 mark. As of the time of writing, the SOL coin price has settled at $197. The question arises: Can SOL coin attain a new all-time high from this point onward?

Will Solana Continue to Rise?

Having exceeded the previous resistance level of $195, the price of Solana (SOL) now finds itself trading above the 100-day moving average on the 4-hour SOL/USD chart. Should the upward momentum persist, there exists potential for a breakthrough above the primary resistance level of $210, with the prospect of reaching unprecedented highs within the year.

Examining the chart alongside the RSI (Relative Strength Index) indicator provided above, it becomes evident that the RSI line has positioned itself above the 50 level. This suggests that the SOL price remains situated within the bullish zone and could potentially ascend even further.

Further analysis of the 4-hour chart, this time utilizing the MACD (Moving Average Convergence Divergence) indicator, reveals that both the MACD line and signal line, along with the MACD histogram, reside above the zero line. This alignment indicates a bullish stance for the MACD.

Could the Cryptocurrency SOL Fall?

Utilizing the bull and bear power histogram indicator, it becomes apparent that buyers have established dominance in the market with robust momentum, signaling readiness to propel the price upwards. Given Solana’s current momentum, there exists a possibility of breaching the previous resistance level of $210.27. Should this occur, especially amidst the prevailing demand momentum in the market, the potential for further price appreciation remains high.

On the flip side, failure to overcome the $210 resistance level could instigate a downward correction in the price of altcoin Solana, potentially retracing towards the initial support level of $162. A closure below this support level may prompt further decline, potentially initiating a downtrend.

A significant factor bolstering Solana’s price is the activity of meme coins on the Solana network. Additionally, the employment of SOL coin in network transactions is contributing to its price appreciation. Consequently, the forthcoming trajectory will also be influenced by activity within the Solana network; heightened usage could pave the way for Solana cryptocurrency to shatter its previous all-time high.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.