Solana (SOL) Breaches the $200 Mark

Price action in the Solana daily market has continued to trend upwards ever since it bounced off support around the $24.50 mark in October last year. The market has witnessed an extended upside retracement, which has as of today brought the token past the $200 mark. Let’s study this market to gain insight into what may soon occur in it.

Solana Statistics:
Current SOL Value: $204.47
Solana Market Cap: $89,964,154,002
Solana Circulating Supply: 443,774,126
SOL Total Supply: 571,984,370
Solana CoinMarketCap Rank: 4

Key Price Levels:
Resistance: $204.47, $220.00, and $240.00
Support: $200.00, $180.00, and $160.00

Solana Sustains Trading Above the $180 Mark

Price action in the SOLUSDT market broke through the $180 price level in the past three sessions. However, the market seems to have found support above that mark in the previous two sessions, after which it moved with renewed strength in the previous various sessions. Today’s trading session has seen the token advance further upward by an additional 3.79%.

Consequently, the ongoing session is occurring above the $200.00 threshold and above the Guppy Multiple Moving Average lines. Also, the Stochastic Relative Strength Index (SRSI) indicator lines have given a bullish crossover after bouncing off the 100 mark. This shows that the market may still be heading upward.

Solana Buyers Are Hopeful of More Increases

With the ongoing session in the Solana market being bullishly biased, it appears that upside forces are still actively supplying more momentum to the market. The last price candle here on this chart has a small body but is positioned in the upper part. This signals that buyers are still fighting despite facing significant difficulty. Meanwhile, the SRSI lines continue to rise further upward into the overbought zone.

Nevertheless, something seems consistent with this market. It could be seen that the price candle has become significantly smaller in recent sessions. Likewise, the SRSI lines are quite close to each other. Therefore, traders still placing trades with bullish crypto signals may want to exercise caution, as the market may face rejection around the $210 mark.

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