As a seasoned financial analyst with over a decade of experience in the crypto market, I have witnessed numerous price fluctuations and trends. Based on my analysis of the current situation, buyers are holding their ground according to CoinMarketCap. The price of Solana (SOL) has shown significant growth over the last 24 hours, increasing by 3.51%.
Buyers are trying to hold the gained initiative, according to CoinMarketCap.
SOL/USD
The price of Solana (SOL) has increased by 3.51% over the last 24 hours.
On the hourly chart, Solana’s price is approaching the nearby resistance of $158.67. Should conditions remain unaltered by day’s end, a potential breakthrough and subsequent push towards $160 may ensue.
In your daily analysis, keep an eye on the previous day’s highest point on the price chart. Should the candlestick close in the vicinity of $160, the bullish trend could potentially extend towards $170.
Such a scenario is relevant until the end of the week.
Based on the perspective of the midterm outlook, traders ought to focus on where the bar closes. If it ends around $160 or higher, there may be sufficient momentum for prices to challenge the $180 level before the month’s end.
SOL is trading at $157.27 at press time.
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2024-07-16 16:14