Solana (SOL) has shown resilience and upward momentum, with its price increasing by nearly 3% over the past day, defying general market pressures. This surge indicates a renewed bullish interest, prompting a closer look at the cryptocurrency's immediate and medium-term price trajectory.
Short-Term Momentum and Immediate Outlook
In the short term, Solana's price has experienced a significant boost, breaking past a crucial resistance level of $182.30 on the hourly chart. This breakout suggests that bulls are gaining control, aiming to sustain the upward movement. If buyers can maintain this newly acquired initiative, the price is projected to climb towards the $190 mark, signaling continued positive momentum.
Mid-Term Trends and Key Levels
Looking at a broader timeframe, Solana's price movement reflects an ongoing tussle between bullish and bearish forces. While buyers are actively attempting to recover ground after recent declines, they may require more time to consolidate energy for a sustained rally. This suggests that sideways trading, likely within the $180 to $190 range, could be the most probable scenario in the immediate future as buyers accumulate strength. For a more decisive bullish takeover, SOL's price needs to firmly establish itself above the $209 mark. Successfully breaching and holding this level could pave the way for a more substantial upward trajectory, potentially leading to a test of the $230 range. At the time of reporting, Solana is trading at $184.89.
