Solana (SOL) Thrusting Further Above $230

The Solana token has appeared today on the list of top-performing cryptocurrencies. The coin has registered a price increase of 4.55% as of the time of capturing the list of trending crypto assets. Trading indicators remain tilted toward the possibility of a continued upward retracement of price action in this market.

Market Statistics

Current Price: $237.41

Market Capitalization: $129.02B

Circulating Supply: 542.32M

Total Supply: 609.46M

CoinMarketCap Rank: 5

Key Price Levels

Resistance: $240, $250, $260

Support: $230, $220, $210

Solana Keeps Progressing Toward $240

For the past five sessions, SOL’s price action has remained under bullish influence. The ongoing session has appeared as a bullish price candle. The size of this candle looks larger than the preceding ones, thereby indicating that upside forces are gaining momentum. It should also be noted that price action continues to appear above the 9-day Exponential Moving Average (EMA).

Similarly, the Stochastic Relative Strength Index (SRSI) lines have risen deep into the overbought region. The lead line has now reached the 100 level of the indicator. From a technical standpoint, this development aligns with the opinion that the ongoing bullish trend may extend further.

SOL Bulls Persist

Looking at the Solana market on the 4-hour chart, the ongoing session remains in the green, keeping price action positioned above the 9-day EMA line. Meanwhile, the SRSI lines have also touched the 100 level. In addition, both the lead and lagging lines of the indicator are now merged at that threshold, which points to some degree of drag in momentum.

Even at this point, upside forces appear likely to keep driving price toward higher levels. However, it is worth noting that an upper shadow has formed on the last price candle. This suggests that downward forces are attempting to push back but are still being met with stronger bullish momentum. Therefore, it seems likely that the market may push through the $240 price mark.

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