Can Solana Hit $160? SOL’s Resilience Sparks Rally Optimism

Currently, the price of Solana has been showing resilience amid market volatility. This recent performance of SOL has raised rally optimism among market participants as to whether the digital asset’s price could potentially reach the $160 mark in the upcoming days. Particularly, this article aims to provide technical insight on recent price performance and technical indicators that suggest the potential for the crypto asset to hit $160 focusing on the 4-hour and the 1-day chart. At the time of writing, SOL’s price was up by over 7%, trading at about $143, with a market capitalization of more than $66 billion and a trading volume of more than $3.5 billion. In the last 24 hours, SOL’s market capitalization and trading volume have increased by 7.81% and 55.69% respectively. Technical Insights On SOL’s Recent Price Actions Presently, the price of SOL on the 4-hour chart with bullish momentum is trading above the 100-day Simple Moving Average (SMA). The digital asset has been on an upward spiral since after failing to retest its previous low of $121 and given the price movement, there are possibilities that it could still extend its rally. Also, an analytical view of the 4-hour Composite Trend Oscillator shows that the price of Solana may continue its bullishness as the signal line has crossed above the SMA of the indicator and both are attempting a move above 50%. On the 1-day chart, Solana is attempting a bullish move towards the 100-day SMA and the $160 resistance level after it has formed what looks like a double-bottom pattern. With this price formation, the digital asset could skyrocket, challenging previous resistance levels. Finally, on the same 1-day chart, the composite trend oscillator also indicates that SOL could potentially expand its bullish move as the signal line is attempting to cross above the SMA of the indicator and are both trending slightly above the oversold zone. Future Outlooks If Solana Achieves The $160 Mark Given that Solana is currently attempting an upward rally toward the $160 resistance level, if the asset’s price reaches this level and closes above, it will continue to ascend to test the $188 resistance level. It may probably move on to test the $205 resistance level and other higher levels if the $188 level is breached. However, if the price reaches $160 and witnesses a rejection, it will start to drop again toward the $118 support level. Should it break below this support level, it will continue to descend to test the $99 support level. Furthermore, the digital asset may witness a steeper decline to test the $79 level and other levels on the chart if it breaks below the $99 support level. Featured image from Adobe Stock, chart from Tradingview.com