Solana price fluctuates between $124 and $186 and has been in a macro consolidation phase for a long time. The key resistance level of $160 is critical for the future dynamics of SOL.
While some indicators are pointing to a possible rally, the momentum may not be strong enough to lift the altcoin above this level. Let's see how realistic the bullish scenario looks at the moment.
Broad market signals favor Solana
Market sentiment around Solana is currently leaning bullish, with Bollinger Bands narrowing, which often foreshadows potential price gains, and candles above the Bollinger Bands baseline indicating increasing upside momentum in SOL.
Additionally, trading volume remains low, which usually precedes major price moves. This combination of factors suggests that Solana could soon show gains, approaching $160.
Read also: How to buy Solana: instructions for beginners
Solana Bollinger Bands. Source: TradingView
The moving average convergence divergence indicator, meanwhile, is showing a widening gap between the MACD line and the signal line after a recent bullish crossover. With Solana currently testing key resistance levels, the MACD is hinting at a possible uptrend in the coming days.
SOL Price Forecast: New Day, Same Range
Solana price is trying to consolidate above $136. If successful, this may push SOL to grow towards the critical resistance level of $160. However, at this stage, the price growth may slow down - in this case, SOL will continue macroconsolidation in the given range.
Read also: Solana Forecast 2024: Experts' Opinions on the Future of SOL
Solana Price Analysis. Source: TradingView
In case of failure to breakout and loss of $136, Solana risks falling to $124. This will call into question the current optimistic outlook and require investors to be especially careful when trading SOL.
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