The News Crypto -
- Solana (SOL) experiences a 10% upswing in 24 hours, reclaiming pivotal price zones.
- Technical indicators suggest fading selling pressure and potential for continued uptrend.
- Key resistance levels at $160, $175, and $180 pose challenges for SOL’s recovery.
Solana (SOL) has demonstrated remarkable resilience in the face of recent market turbulence, staging a major recovery after a steep decline.
The fifth-largest cryptocurrency by market capitalization has rebounded from its recent low near $110, marking a dramatic turnaround that has caught the attention of market participants.
Solana shows major surge, dethrones other altcoins
Currently oscillating between $153 and $155, SOL’s price action suggests a delicate balance between bullish momentum and lingering bearish pressure.
The token’s recent performance has been nothing short of impressive, with a 10% surge in the past 24 hours catapulting it to the fifth position in terms of trading volume.
This upswing comes on the heels of a severe correction that saw SOL shed over 50% of its value in less than a week. However, the current market structure indicates a potential shift in sentiment, with selling volume noticeably diminishing.
Technical indicators offer further insight into SOL’s potential trajectory. The Directional Movement Index (DMI) shows signs of an impending bullish crossover, with the positive and negative directional indicators (+Di and -Di) diverging.
Complementing this, the Moving Average Convergence Divergence (MACD) histogram suggests a waning of selling pressure, potentially providing bulls with a solid foundation for sustained upward movement.
Solana’s price has now surged above the average range of its descending parallel channel, a development that opens up the possibility of testing higher resistance levels.
The $160 mark looms as the first significant hurdle, followed by more formidable resistance at $175 and $180. These levels have previously proven challenging for SOL, with multiple failed attempts to breach them in the past.
Looking ahead, Solana’s ability to maintain its upward momentum while navigating these key resistance zones will be crucial. The $184 level stands out as a pivotal resistance point, representing a psychological and technical barrier.
This article was originally published on thenewscrypto.com
