Solana Gathers Steam: Will It Shatter Resistance?

Moving averages, volume, and momentum indicators all point to a temporary consolidation or stop in the advance for Solana, but the positive indications are strong.

Historically, SOL has seen selling pressure around $154, which is the important resistance level. The ability of bullish momentum to drive prices higher will be determined by this zone. On the downside, there is support below $150, which will absorb any short-term selling pressure and stop a further decline.

With a recent increase, the open interest is currently above $3.62 billion.

An uptick in this area usually portends more market activity from traders, which in turn signals more volatility and bigger price swings. From here, rising market interest and bullish momentum can set off a strong rally if prices break out over the $154 barrier.

There is substantial evidence for a gigantic cup-and-handle formation, and the long-term uptrend line is still intact. This pattern, however, will not materialize until SOL price movement surpasses the crucial $250 resistance zone, which served as a floor for the last surge.

A significant step forward in Solana's revival and growth might be achieved if SOL can rise over the $250 area, which would open the door to a gradual move price goal of $500. The expert went on to say that SOL is still a ways off, and that the first objective for bulls is to break over the $185 resistance level, which has often halted ascents.

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