Like Ethereum, SOL has also experienced a stalled recovery over the past few trading days, struggling to break through $160. After falling to a daily low of $135 the day before, SOL rebounded strongly on Friday, rising nearly 5%. It broke through the 50-day moving average and stood firm at $145. SOL's momentum slowed down last week as the 20-day moving average acted as a dynamic resistance level, but it still rose slightly on Saturday. It rose zero point percent by 0.91% on Sunday, breaking through the 20-day moving average and closing at $147 over the weekend. SOL surged on Monday at the beginning of the week, as the general recovery of the cryptocurrency market as macroeconomic developments triggered a sharp rise in prices. As a result, SOL rose nearly 7%, breaking through the 200-day moving average and the key $150 price level to close at $157. Buyers target $160.
SOL has fallen below $160 since August, and this time it did not perform well either, as bulls stalled after reaching $159 after encountering strong resistance. As a result, SOL fell to a daily low of $150 on Tuesday, and then buyers supported the price. SOL eventually closed at $154, down nearly 2%. In the current trading session, SOL fell slightly as both buyers and sellers look to establish control. If sellers maintain control of the trading session, SOL could fall below $150 and drop to $140. On the other hand, if buyers regain control, SOL could test $160 again. A break above this level could see SOL rebound to $180~190.
