Solana (SOLUSD) Price Rises Above the Resistance Trend Levels

Solana (SOLUSD) Price Forecast: August 29

The SOLUSD pair is in an uptrend. The coin is holding sellers back as it rises above the resistance trend levels, amid soaring network activity. The market as a whole is up 4.71% and on track to reach new highs as derivative traders become extremely optimistic about the asset.
This rise, however, suggests a potential gain of 8%. As a result, if the buying pressure continues, the coin price may swing sharply and reach the resistance level of $210.00, extending to the upper resistance level of $220.00. This would create a strong momentum rally and present an investment opportunity for interested traders.

Key Levels:
Resistance Levels: $209.00, $210.00, $211.00
Support Levels:     $126.00, $125.00, $124.00

SOL (USD) Long-term Trend: Bullish (Daily Chart)

The SOLUSD pair gained momentum as it broke through the resistance levels and hit a new high, suggesting a long-term positive market trend.
At the recent high, nevertheless, the market is currently encountering the upper resistance.

The pair managed to hold above the supply levels in its most recent high due to the persistent bullish pressure at the $198.10 high value during the previous session.

As the daily session begins today, the price of Solana is currently trading at the $209.61 resistance level above the EMA-50.

This suggests an uptrend given the strength of the market and could push the coin price towards an exciting $211.00 previous peak level, providing buyers a good starting point and drawing in new investors to the network.

The SOLUSD price is also likely to rise higher because the daily stochastic shows an upward trend. If the $185.41 support level holds, buyers will be able to target the $220.00 upper resistance level shortly, supporting a longer-term recovery.

SOL (USD) Medium-term Trend: Bullish (4H Chart)

On the medium-term chart, the price of SOLUSD remains in an uptrend with a clear bullish signal that the price may surge to the upper resistance channel. The crypto price is above the moving averages, confirming a bullish momentum.
The bulls’ activities at a $208.70 high level in the previous action have led to the coin’s bullishness in its recent high.

The bulls made an aggressive move up to the $209.60 resistance level above the EMA-50 shortly after the 4-hourly chart opened today, reflecting increasing interest and engagement within the platform for a prolonged correction in Solana’s price.

Therefore, trading above the moving averages will allow the crypto stock market value to continue rising.

Thus, the coin price may rise above the current resistance level if the bulls increase their aggressiveness in the market, aiming for a significant market correction level at the upper channel.

Notably, the Solana price remains in an uptrend, suggesting that the coin might continue its bullish momentum and this may drive the token price to surpass the current level and surge to the $220.00 upper resistance value soon, in its medium-term perspective.

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