[Solana price rises as buyers rise above $140]
According to Coinidol.com, Solana has come close to the $160 resistance level four times since August 8, but has been unable to break through. Each time the price moved, it either broke the $130 support or fell below the moving averages. In other words, Solana has been trading between $130 and $160.
Currently, SOL is retracing above the 21-day simple moving average (SMA) and is starting to rebound. If buyers manage to break above the $160 resistance, the price could revisit highs of $185 or $194. Otherwise, Solana will remain trading sideways between $130 and $160. The current price is $152.
Looking at the daily chart, the price is above the moving averages, showing the possibility of continuing to rise, and the moving averages are arranged horizontally, suggesting a bullish signal. The 4-hour chart shows that price is trading between moving averages and is in a sideways consolidation phase.
Solana is undergoing an upward correction but is still hovering between its moving averages. If the moving average is successfully broken, the price may continue to rise or fall.
