$SOL Price Set to Hit $165 Level Soon, Here’s Why - CoinPedia Analytics

At press time, SOL is trading near $153.2 and has experienced a price surge of over 7.2% in the past 24 hours. During the same period, its trading volume increased by 25%, indicating growing participation from traders and investors amid the recent breakout.

CoinPedia’s technical analysis suggests that SOL is bullish, as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a technical indicator that crypto experts use to determine whether an asset is in an uptrend or downtrend. Based on the historical price momentum, if SOL closes its daily candle above the $151.5 level, there is a strong possibility it could soar by 13% to reach the $165 level or even higher if sentiment remains unchanged. This bullish thesis will only hold if SOL closes its daily candle above the $151.5 level, otherwise, it may fail.