Why is the Solana (SOL) Price Up Today?
Solana broke above $200 as its rally appears unstoppable. In the following, we take a closer look at a few interesting technical indicators. They might provide some information as to why the price of SOL is up today.
Key Support levels: $163
Key Resistance levels: $259
1. Higher Highs on Volume
When the price rallies on higher volume – it is a very bullish signal. It shows strength, and Solana is currently singlehandedly dominating the crypto market. It also broke above $200.
2. All-Time High in Sight
Solana’s all-time high is $256. Considering the price is already above $200 at the time of this post, there is very little left to stop it from reaching that key resistance. If buyers break above that level, then SOL will enter price discovery.
3. Bullish Momentum Intensifies
The daily MACD moving averages are expanding as they move higher. This is another sign of strength, and the current momentum gives no indication of exhaustion. Until the histogram makes a lower high, there is little reason to be concerned.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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