Over the past 24 hours, the Solana price (SOL) has risen by up to 5%, and technical indicators suggest a bullish rally that could greatly benefit the crypto asset this month. In the last month, Solana has shown positive growth, increasing by more than 21.85%, according to CoinMarketCap.
At the time of writing, the asset is trading at $167.60, and there are expectations for it to exceed the $200 mark, with potential for further growth from there.
Therefore, if Solana's value surpasses the $180 resistance level, it could indicate a renewed bullish trend, potentially driving the cryptocurrency towards the $185 mark. Sustaining this level might pave the way for further movement towards the $200 resistance threshold.
Conversely, a reversal in trend could lead to a decline in SOL value to the $155 support level. Continued dominance by sellers could push the price towards a lower support zone at $125, signaling a potential bearish phase in the market.
The Relative Strength Index (RSI) currently indicates bullish momentum, with a reading of 62.02. It is also trading above the 20-day and 50-day Exponential Moving Average (EMA), highlighting its bullish potential.
At the time of writing, the asset is trading at $167.60, and there are expectations for it to exceed the $200 mark, with potential for further growth from there.
Therefore, if Solana's value surpasses the $180 resistance level, it could indicate a renewed bullish trend, potentially driving the cryptocurrency towards the $185 mark. Sustaining this level might pave the way for further movement towards the $200 resistance threshold.
Conversely, a reversal in trend could lead to a decline in SOL value to the $155 support level. Continued dominance by sellers could push the price towards a lower support zone at $125, signaling a potential bearish phase in the market.
The Relative Strength Index (RSI) currently indicates bullish momentum, with a reading of 62.02. It is also trading above the 20-day and 50-day Exponential Moving Average (EMA), highlighting its bullish potential.