Solana initiates a new upward movement surpassing the $160 resistance level.
The SOL price has surged by almost 3.20%, with potential for further growth if it breaks through the $175 resistance barrier.
In February, SOL attempted to breach the $200 mark but failed to sustain the rally due to profit booking by investors.
After a corrective phase, the chart now shows a confirmed Cup and Handle pattern.
On May 15th, SOL formed a Maraubozu candle, followed by a long wick candle the next day.
However, today, SOL is forming another Maraubozu candle, indicating bullish sentiment.
Solana's price is currently on the rise, finding support from an upward trendline.
According to Coingabbar's analysis, The bullish trend suggests a potential break above $170, approaching $190. Further momentum could drive it to $200 or even $250.
Conversely, in a downturn, SOL may retreat to $155 support, with a further decline to $150 amid bearish dominance.
KEY LEVELS :
RESISTANCE LEVEL : $175-$185
SUPPORT LEVEL : $160-$150
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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