The Solana (SOL) cryptocurrency has finally managed to break the crucial resistance level of $150, an event long awaited by investors who closely follow the performance of this digital currency. This advance signals a possible continuation of the upward rally, but the lack of trading volume associated with this breakout raises doubts regarding its sustainability.
Despite the significant achievement, the observed decline in transaction volume may indicate hesitation in the market, raising concerns about the possibility of maintaining the price above this new level. Without a corresponding increase in trading volume, the current level may not be sustained, which could lead to a correction in Solana prices.
Solana Price
Technical indicators such as the 26-day and 50-day EMAs (exponential moving averages) are still above the current price, posing additional challenges that Solana needs to overcome. Failure to surpass these EMAs with robust volume could act as a trigger for a downtrend, reversing recent gains.
After falling near the $115 support, Solana price began a steady increase. SOL managed to overcome the $140 and $150 resistance levels. The price stayed above the 50-day simple moving average. It is now consolidating near the $152 resistance. On the upside, the price may face resistance near the $172 level. The next major resistance is near $185, above which the price may rise towards the $200 level.
On the downside, initial support is near the $145 level. There is also minor support near the $139 zone, below which the price could test the key support at $115.
Solana’s future evolution will depend not only on market dynamics following important events like the halving, but also on the continued success of projects based on its blockchain and the ability of buyers to sustain and drive prices higher. In this scenario, even meme coins could emerge as significant drivers for Solana’s trajectory.
With technical barriers ahead and the need for greater trading volume, Solana’s situation in the cryptocurrency market is challenging to say the least. While the potential for significant advances exists, the possibility of a price reversal also remains a palpable reality.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/solana-ultrapassa-resistencia-us-150-e-pode-abrir-um-rally-de-alta/
