Alongside Bitcoin, larger-cap altcoins have been in the middle of consolidation lately, deciding on the next direction. But Solana SOL has maintained bullish daily as it slowly builds up for a fresh increase.
Despite witnessing a slow-down in buying since the price bounced off $163 earlier last week, Sol’s trend remained bullish and continued to show signs of strength by the day.
The current strength in the market indicates that the bulls are back in charge as they push steadily to reclaim the previously lost $210 resistance – marked as the monthly high.
Unfortunately, it faced rejection at the key $200 level yesterday, but the bulls reiterated actions and are now re-attempting this key level at the time of writing. In fact, the price appears strong on the daily chart.
However, due to the current low buying volume, things might become tough for the bulls if they find it difficult to sustain pressure above the monthly high. A clear cross above this high would not just trigger a new rally but confirm a continuation of the existing bullish impulse.
As of now, the bears are not showing any signs of interest. They are most likely to suffer another loss in the incoming upsurge. But a strong reaction at the monthly high could cause a small setback in the market.
Looking back, Sol is up by more than 25x since late 2022. From a technical standpoint, it appeared to be just starting as the future looks so promising for the fifth best-performing cryptocurrency by market cap.
SOL’s Key Level To Watch
The $180 and $167 levels are currently supporting the market on the daily chart. If they collapse, we may see a heavy rollback to $157.8.
While re-attempting $200 again, the key break resistance level to watch for an upsurge lies at $210. The target resistance level to consider next is $220 and potentially $240.
Key Resistance Levels: $200, $210, $220
Key Support Levels: $180, $167, $157.8
- Spot Price: $196
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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