SOL indicates a strong bullish trendThe analysis of the daily chart for SOL indicates a strong bullish trend, suggesting the possibility of further upward momentum for Solana. A bullish indication has been triggered by a breakout from a bearish channel pattern on the daily chart.
This sudden increase indicates a change in power from those selling to those buying, indicating that SOL is now ready for more upward momentum.
As a result, the upcoming significant positive target is approximately $160.0, indicating the possibility of ongoing price growth in the near future.
Trading at around $154.34, the price is upheld by consecutive green candles and a doji candle since early May, signifying continued purchasing activity. The constant backing at $120.0 has enabled Solana to sustain a slow yet stable climb, offering the possibility of testing higher resistance levels.
The Relative Strength Index stands at 51.38, indicating that the market is not in either an overbought or oversold state, allowing for possible price growth without hitting overbought levels.
In addition, the Moving Average Convergence Divergence indicator also confirms this positive forecast, with the MACD line staying higher than the signal line, and the histogram indicating a growing bullish momentum with a value of 1.93.
As on the daily chart, Bulls may target the $160 resistance, with a hurdle at $175.0 beyond that. The $120.0 support provides a strong buffer against downturns, but breaking it could lead to a decline towards $110.0.
