Buyers are trying to hold the gained initiative, according to CoinMarketCap.

Top coins by CoinMarketCapSOL/USD

The price of Solana (SOL) has increased by 3.51% over the last 24 hours.

Image by TradingView

On the hourly chart, the rate of SOL is on its way to the local resistance level of $158.67. If the situation does not change by the end of the day, one can expect a breakout, followed by a move to $160.

Image by TradingView

On the daily time frame, one should pay attention to yesterday's bar's peak. If the candle closes near the $160 zone, the upward move may continue to the $170 zone.

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Such a scenario is relevant until the end of the week.

Image by TradingView

From the midterm point of view, traders should pay attention to the bar's closure. If it happens near $160 and above, the accumulated energy might be enough to test the $180 area until the end of the month.

SOL is trading at $157.27 at press time.