SOL Price Retests Its $170 Level!
After facing countless rejections at its resistance of $155, the Solana price has successfully breached and retested its $170 mark during the early Asian trading hours. Moreover, it has jumped over 10% during the past week, indicating increased bullish sentiment.
The Relative Strength Index (RSI) has displayed a significant rise toward its overbought range in the 1D time frame. Further, with its SMA acting as a support, the SOL price hints at a bullish outlook this week.
If the market continues trading under a bullish influence, the Solana crypto will retest its resistance level of $181.50 this week. Maintaining the price above that level could set the stage for it to head toward its upper resistance level of $209.07 in the coming time.
*On-chain Data Indicates Solana Gaining Dominance!*
Reportedly, Solana has been breaking out against Bitcoin and Ethereum over the past few days. This indicates an increase in the adoption of the Solana ecosystem when compared to the other chains.
As of October 21, 2024, Solana (SOL) is trading around $167.04 USDT. The price has seen a bullish trend over the past 30 days, increasing by approximately 13.6%.
