Solana aims to re-enter an upward trend despite recent downward pressure. Technical indicators suggest that the price could potentially rise to $150 soon. For SOL to reach $200, bulls will need to overcome bearish challenges and push the price higher.
Leading altcoins like Solana (SOL) have made a remarkable climb from single-digit prices to briefly reaching $200. Although the price has faced some recent declines, SOL is working to get back on an upward path. Current technical indicators suggest that the price could rise to $150 in the next few hours. However, there are concerns about whether the bulls can maintain their strength and drive the price up immediately.
Solana (SOL) Eyes Upward Move Despite Short-Term Hurdles
From a broader perspective, Solana’s price seems ready for a significant upward move. The formation of a bullish pattern suggests that a major price increase could be on the horizon.

However, there are short-term obstacles that might delay this breakout. As bulls approach key resistance levels, their momentum appears to be weakening, raising the chance of a minor pullback.
The critical technical question right now is whether SOL will drop below $145. Despite frequent bearish interruptions, Solana has shown resilience. The reduced selling pressure signals a potential for a renewed upward trend. Although SOL previously struggled to maintain support within an expanding, rising channel, recent signs indicate that bulls are regaining strength and could push the price back into an upward trend by the weekend.
Solana (SOL) Technical Indicators Point to Possible Upward Surge
Technical indicators like the Relative Strength Index (RSI) and the Directional Movement Index (DMI) are showing positive signs for Solana (SOL). The RSI is trending upward, while DMI levels are narrowing, suggesting a significant price move is likely. Although buying volume hasn’t reached ideal levels yet, it still supports the bulls.
If SOL can hold above the local support at $144 and break through the resistance at $151, a new upward wave could drive the price towards $160. For this to happen, bulls need to overcome bearish pressure. If buyers show strength, the price could rise to around $173 and possibly reach $185. Successfully breaking these barriers could push SOL to $200, provided the bulls maintain their momentum.
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#Solana #SOL

The post "Solana Bounces Back as Trading Volume Rises While the Price Struggles Again" first appeared on 36crypto.com News.
#Solana (SOL) is one of those tokens that have faced the issue of a price drop but have seen a massive influx in trading simultaneously. According to the data from CoinGlass, it can be identified that the trading volume of SOL tremendously surged by 84.46% to $8.19 billion today. Such an increase proves that crypto traders have high expectations for Solana despite facing a bear run in the past few days.
A breakdown of trading volume shows that $2.98 billion came from Binance, $1.60 billion from Bybit, $1.39 billion from OKX, and $916.58 million from Bitget. This data indicates that Solana is generating significant interest from traders across numerous platforms, a good indicator for the cryptocurrency. The uptick in trading activity indicates Solana traders' perseverance, as they remain optimistic about the coin's potential despite the overall pessimistic atmosphere in the cryptocurrency market. While several factors influence a coin's prospective price increase, dealers' confidence cannot be discounted.
Solana's Price Struggles Amid Broader Market Downtrend
As of press time, #SOL was trading at $143.51, down 3.94% over the previous 24 hours. Over the last month, the coin has fallen 12.89%, highlighting the current worrisome indicators for Solana. This bearish trend is also evident in the broader cryptocurrency market, predominantly headed by Bitcoin (BTC). However, recent data indicates that SOL may recover from its present levels. Solana is receiving good signals from vital technical indicators and increased trade volume where for example, the SOL price trades higher than its 200-day SMA and Exponential Moving Average (EMA).
This is an important indicator since it tends to strike that Solana's current price is relatively high from a long-term perspective. Furthermore, it shows that the recent bearish price decline has not affected the bullish trend in the long run for the said digital currency. Thus, expectations are that, at some point, SOL may be able to rise from the price point where it is currently trading.
Conclusion
Solana's substantial increase in trading volume despite its price problems demonstrates crypto traders' optimism about the future. Despite the recent downward trend, good technical indicators show that Solana could recover. As SOL continues attracting interest from traders across many platforms, its long-term prospects look positive. The persistence and optimism of Solana traders may pave the path for a price recovery in the foreseeable future.
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