💥💥💥 Solana ($SOL ) Approaches Make-or-Break Resistance: $210 Target in Sight
Solana’s potential breakout above the $148.16 resistance could trigger a rally toward $210, making this level a key inflection point for the asset. Several bullish technical indicators, such as a rising RSI and positive Balance of Power (BoP), point to growing buyer momentum as SOL approaches resistance.
According to TradingView, Solana (SOL) is currently trading at $148.06, just below the crucial $148.16 resistance level, which has proven difficult to overcome since early August due to strong selling pressure. As of now, CoinMarketCap data shows SOL priced at $147.62, marking a 0.44% gain in the past 24 hours but a 0.56% drop over the past week.
Bullish Signals Point to an Uptrend
- Key technical indicators are supporting a bullish outlook for Solana. The Relative Strength Index (RSI), which measures market momentum, is currently at 53.93. This suggests buyers are gaining control, with further upside potential as the asset is not yet in overbought territory. Typically, an RSI above 70 indicates overbought conditions, while below 30 suggests oversold. Solana's current RSI shows healthy upward momentum.
- Furthermore, the Balance of Power (BoP) indicator is positive at 0.44, signaling that buyers are firmly in control and attempting to push prices higher.
- As highlighted in a previous CNF update, Solana has surged 670% over the past year, driven by advancements in its blockchain and a broader bullish trend in altcoins, which have attracted significant investor interest.
- If demand for SOL persists and it successfully breaks the $148.16 resistance, the next target is $209.90. However, failure to break this level could result in a pullback toward $110, making this resistance test critical for Solana’s near-term trajectory.
Source - crypto-news-flash.com
