Solana Primed for a Surge? Expert Hints at Bullish SOL Outlook

Solana (SOL) is showing signs of a potential upward move, according to recent technical analysis. Popular crypto trader Altcoin Sherpa shared insights suggesting that SOL looks primed for higher prices. This comes as the crypto trades near key technical levels, with market participants closely watching for a possible breakout.

Altcoin Sherpa, a figure in the crypto trading community, posted on X about Solana’s price action. His post read, 

I didn’t trade this, have been out eating obscene amounts of food with CRG. I think SOL looks good for higher though.

This bullish sentiment aligns with the current technical setup observed on SOL’s price chart.

A closer look at Altcoin Sherpa’s 4-hour chart reveals interesting patterns. Two yellow ovals highlight a potential double-top formation around the $148.87 and $148.68 levels. Typically, this pattern suggests a bearish reversal. However, the overall chart structure and moving averages paint a more nuanced picture.

SOL currently trades above several key exponential moving averages (EMAs). It sits above the 25-period EMA at $144.465, the 55-period EMA at $141.394, and the 99-period EMA at $142.494. This positioning above short and medium-term EMAs often indicates bullish momentum.

Nevertheless, SOL faces resistance from the 200-period simple moving average (SMA) at $147.062. Breaking above this level could signal stronger bullish sentiment. The convergence of moving averages near the current price suggests a period of consolidation, with the market seemingly undecided about the next major move.

Support for SOL appears strong in the $133.500 to $136.000 range, as indicated by a green rectangular zone on the chart. This area has previously seen buying interest, potentially providing a cushion against sharp downward moves.

Volume analysis shows increased trading activity during price peaks and at support levels. This heightened participation at key price points underscores their significance to traders. It also suggests that any breakout or breakdown from current levels could be accompanied by notable volume, lending credibility to the move.

Per pricing data at press time, Solana trades around $148.52, up 0.90% in the past day. The trading volume stands at $1,710,976,622, indicating active market interest. This slight upward movement aligns with Altcoin Sherpa’s positive outlook on SOL’s price direction.