Sinceitsretestaroundthe$120.40lowonSeptember2,Solana’snativetoken,SOL,hasbeenonamorepotentbullishoutlook,characterizedbyaseven-weekrally,withonlyonebearishcloseduringthisperiod.Followingthispriceuptick,thecryptocurrency’smarketvaluehassurged,breakingpastkeyresistancelevelsofaround$163.56,lastseenonAugust8.
Asofpresstime,SOLtradesat$175.89,reflectinga6.03%increaseoverthelast24hours.Consideringthealtcoin’soptimisticpriceaction,marketanalystsareprojectingthetokenmayhitthe$200markinthecomingweeks.
SOLPoisedforRallyasTechnicalsTurnPositive
Fromatechnicalperspective,theSOLcryptocurrencyispoisedforarallyaskeymetricshintatabullishcontinuationinthenearterm.Forinstance,therelativestrengthindexpresentlypointsupward,indicatingthetoken’sbullishsentimentisbuildingupintheshortterm.
WithitsRSIlineat58.82,thereismoreroomforfurtherpricegrowthbeforereachingtheoverbought70level,suggestingthatSOLmaycontinueitsupwardmomentuminthecomingdays.Themovingaverageconvergencedivergenceindicatorat6.49paintsanidenticalposturewiththeMACDline,reflectingabullishcrossoverwiththesignalline.
Addingtothisoptimisticpriceaction,theMACD’shistogrambarsshowgreenbarsexpandingabovethezerolineat0.93.ThisimpliesthatSOL’spositiveoutlookisstrengtheningintheshortterm.Inaddition,datafromCoinGlas,anon-chainanalyticsplatform,indicatesanincreaseinbuyingpressureasthetoken’sOI-weightedfundingrateremainedconsistentlypositive.
ThismeansSolanalongpositionholdersarewillingtopayapremiumtoshortonestokeeptheirpositionsopen,indicatingconfidenceintheasset’spotentialforfurthergains.Thecryptocurrency’sopeninterestalsocementsthisbullishoutlook,showinga6.87%surgeto$3.40billionoverthepast24hours.SuchoptimisticdatapointspaintapromisingpicturefortheSOLtoken,possiblyreachingthe$200threshold.
WillSOLBreakPastthe$200Mark?
Giventhecurrentmarketconditions,theSolanacryptocurrencyispoisedtosurgetowardthe$200threshold,withthelikelihoodofsurpassingitandreachingoutforhigherlevels.However,thesuccessofthismovedependsonvariouskeymetricindicators.Forinstance,theSOLtokenmustchallengethe$182.84resistance,aligningwiththe78.6%Fibonaccilevel,andcloseaboveittoconfirmasustainedbullishtrend.AbreachabovethislevelcouldpushSolanatowardthe$200zone.
Conversely,shouldthealtcoinfailtomeetthesedemands,itsmarketvaluemightrevisitthe$163.56supportlevelbeforeattemptinganotherbullishbreakout.Yet,shouldthiszonefalter,thecryptocurrencymightplummetdeeper,possiblytouchingthe$151.92lowaroundthe50%Fibonaccilevel.
cryptonewsz.com