Solana (SOL) Price Analysis
Despite sellers pushing prices down significantly over the past few sessions, Solana (SOL) has managed to hold above $170.
Whale activity increased, with SOL’s 24-hour trading volume up nearly 7%. SOL was very bullish heading into the weekend, but failed to break through the $185 resistance level.
On Friday, SOL price surged by a massive 6.30% to close at $169.29. On Saturday, SOL gained another 2.32% to break above $170 to reach $173.73;
On Sunday, SOL gained 6.20% to climb to $184.50, just below the $185 resistance level.
However, sellers defended the $185 level, causing SOL to pull back on Monday, falling nearly 3% to $170.04. On Tuesday, sellers continued to apply pressure, trying to push the price below $170, but failed, and SOL finally closed at $173.
With strong support at $170, SOL rose in the current trading day and is trading at $176.91.
If buyers continue to maintain their bullish momentum, SOL may test $185 again. A break above this level may open the door for the price to climb to $200. If you are still on the sidelines and can't see the market trend clearly, you will only fall because of bullishness and rise because of bearishness, free ➕👗 ➕🌍 BNB0098
However, sellers will continue to defend this level and try to push SOL down to $170 or below. The RSI is currently close to the overbought area at 62, and the widening of the Bollinger Bands suggests that SOL may face volatility in the short term.
