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Solana price eyes $160 as indicators suggest a bullish breakout

Solana price eyes $160 as indicators suggest a bullish breakout

GrafaGrafa2024/09/15 01:40
By:Liezl Gambe

Solana (CRYPTO:SOL) has been trading within a range of $124 to $186, with the $160 mark emerging as a significant resistance level for potential upward movement. 

The altcoin's price has been consolidating within this range, and if it manages to flip $136 into a solid support level, it could pave the way for a rally toward $160, according to recent market analysis.

Market signals for Solana are currently leaning bullish, with technical indicators suggesting the possibility of a price surge. 

The Bollinger Bands, a volatility indicator, have been tightening around SOL's price, which often signals an imminent breakout. 

The candlesticks are positioned above the Bollinger Bands’ baseline, hinting at building upward momentum. 

Moreover, the trading volume remains low, which can sometimes indicate that a significant price movement is on the horizon, according to analysts.

Adding to the bullish outlook, the Moving Average Convergence Divergence (MACD) indicator reveals a widening gap between the MACD line and the signal line following a recent bullish crossover. 

"This widening gap is often interpreted as a signal of impending significant price movement," noted one analyst. 

If Solana can maintain its momentum and breach key resistance levels, it could continue its upward trajectory toward $160.

However, there are also risks associated with Solana’s current price action. 

Should SOL fail to hold the $136 level as support, a drop back to $124 could occur, invalidating the bullish trend. 

In that scenario, investors would need to exercise caution as the market would signal a shift away from the current upward momentum.

For Solana to sustain its upward trend and potentially break the $160 resistance, it will need to maintain bullish momentum and attract stronger trading volumes. 

A decisive breach of the $155 local barrier would further solidify this path, according to recent technical evaluations.

At the time of reporting, the Solana (SOL) price was $137.58.

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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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