Solana Rises and Breaks the Barrier at $160

Key Highlights

Solana retests the resistance at $160
The crypto asset nears a breakout

Solana (SOL) Current Statistics

The current price: $163.16
Market Capitalization: 76,620,711,285.52
Trading Volume: $2,194,468,664.72
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Ranging

The price of Solana (SOL) surpassed the moving average lines and broke the barrier at $160. The bullish momentum was halted at the $160 overhead resistance. This is the fourth time that the overhead resistance will be tested. For the past two months, the bulls have been unable to break through the above resistance.

On the upside, if buyers are successful, the altcoin will return to its prior high of $180 or $194. Today, the altcoin retraced above the moving average lines, reversing its rising trend. If Solana fails to break through the above resistance, it will return to its range of $130 to $160. Solana is now worth $158.14.

Solana (SOL) Price Indicator Analysis 

Solana’s price bars are above the moving average lines, retesting the overhead resistance at $160.The altcoin will grow since the price bars are above the moving average lines. However, the rising trend has been restrained by the overhead resistance at $160. The altcoin shows a bullish crossover, with the 21-day SMA crossing above the 50-day SMA.

What Is the Next Move for Solana (SOL)?

On the 4-hour chart, the crypto’s price is making a series of higher highs and higher lows and breaking the barrier at $160. The upward move has been stopped by the resistance at $160.  The altcoin will fall below the moving average lines if it turns down from the resistance at $160. Solana will continue its range-bound move if it retraces and finds support above the moving average lines. The crypto signal is positive as the altcoin continues its positive moves.

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