Solana (SOL) has been relatively range-bound but has been trending upward in recent trading sessions. At the moment, Solana is priced at $173. 33, which is a much higher increase of 5. 17% in the last 24 hours.
This current wave is an extension of an upward trend as the cryptocurrency has rebounded off monthly support at $164. 50. The recovery has been attributed to new investor confidence that may mean a new surge towards the highs of May by as much as 18%.
SOL Market Position and Technical Outlook
As of now, Solana is the fifth largest cryptocurrency by market cap with a market cap of approximately $79. 7b.
While Solana has recently recovered to around $190, it has stayed above $170, which means that there is demand at the lower price levels. As stated by various market experts, if Solana continues moving along the same trend line and stays above the $160 market level. 02, there is a possibility of an upward movement towards $188. 84, which is 18% higher from its current price.
Exhibits Bullish Tendencies Amid Market Fluctuations
Solana (SOL) appears to have bullish formations on the 4-hour trading chart as it continues to climb. Currently the price is above $170. 0, the cryptocurrency is only slightly above the recent support level.
The Bollinger Bands show that the gap between the bands is widening, which is a sign of higher volatility that usually occurs before a large price movement. Currently, SOL’s price is located in the middle of the Bollinger Bands, which indicates that the buyers and sellers are in balance.
The technical outlook for Solana is somewhat bullish as the Average Directional Index (ADX) is at 19. 74, which indicates that there is no strong trend but there is a possibility of the trend beginning to form. At the same time, the AO has turned to green bars, which may indicate an increase in the bulls’ pressure.
If Solana is to continue with this upward trajectory and break the $173. At the $0. 48 resistance level which is close to the upper Bollinger Band, it could open the path to the $180 level. However, a breakdown below the lower band at $166. 88 could mean a retreat to the $160 support level, which traders should closely watch for any changes in the trend.
