[With Price Above $155, Will Solana Bulls Come Back? 】
The cryptocurrency market has shown bullish sentiment over the past 24 hours, with the overall market capitalization rising by 4.07% and daily trading volume surging by 47.66%. Major cryptocurrencies such as Bitcoin and Ethereum broke through previous resistance levels to attempt a price recovery.
Solana was a particular performer, with a price increase of 9.70%. It traded as low as $144 but later broke the $150 and $155 resistance levels. As of writing, Solana is trading at $157.90. Solana’s price has grown by 13.14% over the past week, benefiting mainly from a bullish turn. Daily trading volume also grew significantly by 108%.
While expectations for a spot Solana ETF have risen in the U.S., there has been no progress from the U.S. Securities and Exchange Commission (SEC), while other countries have launched spot Solana ETFs. According to data from TradingView, Solana’s 9-day moving average is above the 21-day moving average, indicating a bullish trend. Its RSI is 75.37, indicating strong buying sentiment in the market.
If Solana can maintain its current momentum, a price breakout is likely in the coming days. Market analyst Ali predicts Solana could hit $164. Meanwhile, Ethereum also broke above the $2,600 resistance in the past 24 hours.
