The price of Solana (SOL) has recently shown bullish resilience, climbing significantly above its bearish trendline. Market participants are closely monitoring the current price action, with the $175 resistance level seen as a critical point. A breakthrough at this level could ignite a rally that propels SOL further upward.
Presently, SOL is trading at approximately $169, up by 5.12%, with a market capitalization exceeding $78 billion and a trading volume surpassing $3.5 billion. Over the past 24 hours, SOL’s market cap has surged by 5.21%, while its trading volume has skyrocketed by 69.07%.
On the 4-hour chart, SOL has sustained its bullish momentum after breaking above the bearish trendline, trading above the 100-day Simple Moving Average (SMA). This consistent performance suggests a potential move towards the $175 mark. The 4-hour Composite Trend Oscillator supports this view, indicating that both the signal line and the SMA are trending in the overbought zone, with no signs of the signal line crossing below the SMA.
On the 1-day chart, SOL is attempting a single candle bullish movement towards the $175 resistance, maintaining its position above the 100-day SMA. This upward momentum may drive SOL to reach the $175 target. The signal line has crossed above the SMA and the zero line, moving towards the overbought zone, further hinting at continued bullish activity.
Should SOL break through the $175 resistance, it could pave the way for a rise towards $188. Upon breaching this level, SOL may climb further to the $205 resistance and potentially higher levels. Conversely, if SOL fails to break above $175, it may decline towards the $160 support level, with the risk of further drops challenging the $118 support range and possibly dipping lower.
The implications of SOL’s current price action suggest an imminent bullish breakout. Investors are watching closely, as the outcome at the $175 resistance will likely shape the near-term trajectory of the digital asset. The market’s reaction at this crucial juncture will determine whether Solana continues its ascent or faces a fresh decline.
