Solana (SOL) is drawing significant attention in the crypto market, with analysts pointing to promising signs of upward momentum. Priced at $168.74 at press time, SOL has experienced a 3.51% increase in the last 24 hours and a 9.33% rise over the past week. This price movement is supported by a robust 24-hour trading volume of approximately $3.05 billion and a market cap of over $75.67 billion, placing Solana among the top contenders in the crypto space.
Altcoin Sherpa has recently highlighted the positive outlook for Solana, suggesting that the asset looks promising for further gains. According to Sherpa, the critical range for SOL is between $120 and $150. After a month of consolidation within this range, Sherpa believes that this period of stabilization has been healthy for the chart, setting the stage for potential accumulation.
The technical indicators support this view. The 25, 55, and 89-period Exponential Moving Averages (EMAs) show values of 149.545, 149.979, and 144.379 respectively, with the price having recently broken above these EMAs. This breakout suggests a bullish trend is emerging. Additionally, the 200-period EMA stands at 117.658, indicating long-term support.
The 24-hour trading volume of $31 million shows increased trading activity, which aligns with the recent price surge. This uptick in volume supports the bullish sentiment observed in the market. The recent candlestick patterns also indicate a positive trend, with the latest candlestick closing above the previous day’s high, further reinforcing the upward momentum.
Key support and resistance levels identified by Sherpa include a significant support level at approximately $156.048 and a key resistance level around $205.000. The price movement suggests a recovery from a previous downtrend, consolidating above the key support level, which could provide a foundation for further growth.
In addition to the analysis provided by Altcoin Sherpa, CryptoBusy has observed potential bullish activity for the SOL/BTC pair. Over the past 33 days, the trading volume for SOL/BTC has reached $7.569 million BTC. The pair is currently testing a significant resistance level at 0.00244 BTC, which has been tested multiple times, suggesting a possible breakout if the resistance is breached.
The trendlines for SOL/BTC show an ascending trendline, indicating higher lows over the past month and suggesting a bullish trend. This ascending trendline provides strong support, implying that the price has been consistently rising.
