Solana (SOL) Price Analysis
Solana (SOL) made a relatively strong recovery during the ongoing session. However, buyers are still struggling to push above the resistance at $160, with the altcoin witnessing strong selling activity on rallies. SOL has been relatively bullish since rebounding from a low of $127 on September 18, pushing above key resistance levels and moving averages. It broke above the 200-day SMA on Thursday, rising by 5.14% to $155. SOL continued to push higher on Friday, reaching an intra-day high of $161. However, buyers could not maintain momentum above $160, and SOL fell back to $157, registering an increase of 1.37%
The weekend saw a marginal drop on Saturday as buyers and sellers attempted to establish control, pushing SOL to $156. However, buyers returned to the market on Sunday, as SOL registered an increase of 1.10% and settled at $158, still unable to push above $160. The current week began with sellers back in control as SOL fell by almost 4% to slip back below the 200-day SMA and settled at $152. The current session sees SOL back in positive territory, with the price up by 2.69%, back above the 200-day SMA and trading at $156.
As we can see in the price chart, SOL faces a significant level of resistance at $160, something it has been unable to push past. If buyers can push SOL above this level, we can expect a rally to $170 or $180. On the other hand, sellers will look to push SOL back below $150. A drop below this level could see SOL drop to $140, a level that will attract buyers. Should this level be breached, SOL could fall as low as $120
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