Solana (SOL) is gaining momentum again, with bullish energy pushing the price higher as it targets the next major resistance at $240. Following recent consolidations, SOL has appeared on traders’ radars with renewed buying interest, creating optimism that the rise will continue.
With market sentiment increasingly favorable and technical indicators pointing to further gains, all eyes are on SOL’s potential to break the next major threshold. Could this be the start of a rally that pushes Solana to new heights?
As bullish momentum builds, this article dives into Solana’s recent price action to evaluate whether the current upward trajectory has the strength to push it towards the $240 mark. We will assess SOL’s ability to continue its rally and achieve this crucial price target by analyzing key technical indicators, market dynamics, and support and resistance levels.
Investigating the factors behind the upward trend of SOL
Solana is currently trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, which is a clear indication of upside. After a brief pullback to the $200 level, SOL has regained strength, with renewed buying interest pushing it towards the next key resistance at $240. This upward move suggests that the bulls are in control, and if SOL can maintain its momentum, it could soon challenge and possibly break the USD 240 level, opening the door to further gains.
An analysis of the 4-hour Relative Strength Index (RSI) shows that the RSI has risen above the 50% threshold after falling below it, indicating a shift in market sentiment. If the RSI continues to rise and remains above 50%, this signals the potential for more price growth and continued confidence in the price’s ability to rise.
Moreover, the daily chart shows that Solana is experiencing strong upward movement, which is reflected in the formation of bullish candlestick patterns. With the asset trading above the key 100-day SMA, the positive trend is further validated. As SOL continues this trajectory, it strengthens market confidence, paving the way for more gains as it eyes the $240 target.
Finally, the RSI on the daily chart is at 71%, indicating strong bullish sentiment after recovering from a dip to 69%. This recovery signals a resurgence in buying pressure, signaling a shift towards a more positive market outlook. The steady rise in the RSI indicates that the asset could continue its upward trajectory, which would support the ongoing bullish trend and pave the way for additional gains.
Can Solana break the resistance on its way to $240?
Solana is currently showing strong bullish momentum, remaining above the crucial 100-day SMA and recovering from recent pullbacks. As SOL moves towards the $240 target, a breakout above this level could trigger increased buying pressure, pushing the price towards the all-time high of $260.
However, failure to break the USD 240 resistance could trigger a decline, with the price targeting the USD 209 level and other support ranges further down.
