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Will Solana Crypto Price Thrust Upward & Reach Higher Levels?

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Will Solana Crypto Price Thrust Upward & Reach Higher Levels?
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The Solana crypto witnessed an increase of 0.54% in its market capitalization while its trading volume increased by 14.87% in the last 24 hours, as per CoinMarketCap, a crypto data analysis website. Its market capitalization is $42,393,780,510 and its trading volume is $1,492,891,048. There are currently 436,211,520 SOL assets in circulation.

Will Solana Crypto Price Thrust Upward & Reach Higher Levels?
Source: By Coinmarketcap.com

The Solana crypto price was in a remarkable uptrend for the last three months and showed a great move. The price made higher highs and lows from the demand zone at $20 to the supply level at $125.

Solana Crypto Price on a 1-D Timeframe

Will Solana Crypto Price Thrust Upward & Reach Higher Levels?
Source: SOL/USD: COINBASE.1.D. by TradingView

From the supply level, the SOL price dropped to $78.60 and formed support, and the asset price showed a recovery as it bounced from this support level on the chart.

On examining the past price action more closely on the daily chart, the view gets broadened and it seems like the SOL crypto asset is displaying bullish features and can reach higher levels in the upcoming sessions. Moreover, it performed well in the previous week and quarter by 1.58% and 131.16% respectively, indicating a strong upward momentum.

At the time of publishing, the Solana crypto is experiencing a rise of 2.31% in the last 24 hours, trading at $97.62 and rising.

The SOL crypto looks like it is on the verge of continuing this amazing uptrend, as it harnesses the required momentum to pierce through the ceiling and fly higher and higher from the current support level.

Therefore, if the demand for Solana remains high, the crypto price could keep on rising and make a continuous upward break of structures from the current level. The next objective for the SOL price could be to test the supply region once again and reach $125, and the break of this level could open space to reach higher levels. The in-between primary resistance is $106.

Furthermore, the Solana asset is rising steadily and strongly as it stays above the major 20 and 50-day EMAs, indicating good bullish strength.

The asset is showing bullish momentum as the MACD and the signal lines are moving side by side but have given a bullish crossover. Furthermore, the MACD is at 1.12 and the signal line is at 0.80, where the histogram is at 0.32.

The RSI is above the 50 level, indicating that the asset is not losing steam and is in bullish territory, and this highlights that it can continue to climb higher.

On the other hand, if the SOL crypto price fails to stay above the $78 level, it could decline further and could drop down to the demand zone.

Will Solana Crypto Price Thrust Upward & Reach Higher Levels?
Source: SOL/USD: COINBASE.1.D. by TradingView

Summary

The Solana crypto witnessed an increase of 0.54% in its market capitalization while its trading volume increased by 14.87% in the last 24 hours. There was a remarkable uptrend for the last three months and it showed a great upward move.

On examining the past price action more closely on the daily chart, the outlook gets broadened and it looks like the SOL crypto is displaying bullish features and can reach higher levels in the upcoming sessions.

Therefore, if the demand for Solana remains high, the next objective for the SOL price could be to test the supply region once again and reach $125.

 Technical Levels

Support Levels: $78

Resistance Levels: $106

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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