Is SOL about to see a major breakout?

The SOL price has risen by about 5% in the past 24 hours, and has seen inflows for 4 consecutive days. It has now entered a key observation zone and is about to see a potential multi-month breakout!

SOL Price Analysis

The SMA indicator continues to support the SOL price chart on the 1D timeframe. This shows that the market has strong bullish sentiment towards the fifth largest cryptocurrency.

In addition, the relative strength index (RSI) has risen sharply into the overbought zone. The Solana cryptocurrency portends a positive outlook this week as its average trendline has seen a bullish convergence.

If the market continues to trade under the bullish sentiment, SOL will test its important resistance level of $155 tonight. Sustaining the price above this level may lay the foundation for the altcoin to move towards the upper limit of $181 in the coming period.

At $153.13, SOL needs to rise by 30.608% to reach its target price of $200 this year.

On the contrary, if a bearish reversal occurs, this may lead the price to retest the support trendline of the trending pattern. In addition, if bears continue to dominate the cryptocurrency space, it may retest this year's key support level of $127.

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