Solana (SOL) Price Analysis

Solana (SOL) has been highly bullish this week after rebounding from the 50-day SMA on Sunday, when it fell to a day low of $141. Since then, it has gone above $150 and pushed above the 200-day SMA. SOL started the current week facing considerable volatility as buyers and sellers struggled to establish control. Eventually, SOL was able to register only a marginal increase. However, buying activity picked up on Tuesday as SOL moved past $150 after registering a jump of 5.50% and settling at $152. With the 200-day SMA coming into play as a dynamic level of resistance, SOL fell back in the red on Wednesday, dropping by 3.12% to $148.

With market sentiment changing to bullish and the crypto markets witnessing an uptick, SOL rose by just over 5% on Thursday, pushing above the 200-day SMA and settling at $155. With the $155 level breached, SOL is currently up by almost 2% and trading around the $158 mark as it sets its sights on $160. If buyers can maintain momentum and push SOL above $160, we could see a break towards $180 or $190. On the other hand, sellers will look to drive SOL back below $160. In such a scenario, SOL could dip back below $150.