Solana $154.25 finally broke the $150 resistance level, setting the stage for a continuation of the rally. This milestone is important because the resistance level that the coin crossed was considered a barrier between a bull and a bear market.
However, despite the breakthrough, there is a noticeable decrease in the trading volume of the crypto asset. This, according to industry experts, could potentially indicate a lack of confidence in the correctness of the movement, which calls into question the sustainability of the SOL price above the indicated level. If trading volume does not increase, this may indicate that the break above $150 may not hold. In turn, such a scenario will lead to a price correction.
The 26-day and 50-day exponential moving averages (EMA) are above, displaying significant resistance levels that SOL must overcome to maintain its upward momentum. If these levels are not breached with confidence and adequate volume, they could become catalysts for a bearish reversal. In order to unfold the bullish scenario of the token, a new support level must be established above the recently broken $150 mark. If SOL manages to hold its position above this line, the next challenge will be to reach the EMA.
The next psychological resistance will be $170. As for the future of Solana, further growth will depend on market sentiment after BTC $66,124 halving, project development and the ability of buyers to stimulate and sustain high prices. Memcoins can also be a strong catalyst for Solana.
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