Are Solana Bulls Making a Comeback as Price Reaches $155?
- Solana price has exceeded its resistance at $145 in the past 24 hours.
- According to CMC data, the token’s daily trading volume has increased by 123.19%.
In an interesting turn of events over the past 24 hours, the crypto market has started to show signs of bullish sentiment. The overall market capitalization has grown by 4.07% while daily trading volume has surged by 47.66%. Leading cryptocurrencies like Bitcoin and Ethereum have surpassed previous resistance levels and are attempting a price recovery.
Significantly, Solana, the second-largest altcoin, has experienced a price increase of 9.70% in the past 24 hours. At the beginning of the day, the token was trading at a low of $144. However, in the subsequent hours, the token’s price began to show bullish signs and surpassed several resistance levels at $150 and $155. At the time of writing, the token was trading at $157.90, according to CMC data.
Zooming out, over the past week, the altcoin has struggled to see bullish dominance in the trading cycles. Its weekly price performance reflects a 13.14% increase influenced by the recent bullish turn. Additionally, Solana’s daily trading volume has shown a significant surge of 108%.
On the other hand, while expectations for spot Solana ETFs have been growing in the US, there hasn’t been much progress from the SEC. Meanwhile, other countries have witnessed the launch of spot Solana ETFs.
Will Solana (SOL) Witness a Price Breakout?
According to TradingView data, the token’s short-term 9-day moving average (MA) is above the long-term 21-day MA. This indicates the recent bullish turn in the past 24 hours. Furthermore, the current price rally has also sparked a buying sentiment in the market, as evidenced by Solana’s RSI standing at 75.37, highlighting this market sentiment.
Moreover, if Solana is able to maintain this positive momentum, it may experience price breakouts in the coming days. In a related note, market analyst Ali stated on his X account that Solana could reach $164.
Meanwhile, Ethereum has also surpassed its resistance level at $2.6K in the past 24 hours.