Along with the major coins, Solana has been trading in green in the past 24 hours. It started a fresh increase from the low level of $165. After a strong consolidation over this price level, Solana gained pace for a strong bullish move to the level of $180, which is a key level to watch out for. The strong bullish momentum in altcoins is backed by the breakout of the bitcoin price from its level of all-time high.
At the time of writing, Solana is trading at $177.6, up by 4.7%, in the past 24 hours. Along with this price increase, the total market cap of Solana reached $92.65 billion, with a 24-hour trading volume of $7.59 billion.
In this overview, we will analyse the key technical levels and trend directions for Solana to monitor in the upcoming trading sessions. The chart mentioned below is based on the 15-minute timeframe.
Solana Chart Analysis & SOLUSD Price Action.
After a strong bullish rally, Solana consolidated in a range and is currently trading at $177.6. If the price manages to break the first level of support at $177.2, we can see a bearish trend. The next level of support is at $171.4. If the price fails to hold this level, we can observe a free fall to the next support to $164.4.
On the upside movements, we can observe the first level of resistance at $180.9. If the price breaks above this level, the next resistances will be at $183.98 and $189.8. Traders can expect a strong bullish momentum in the coin if it manages to break these levels in the next trading sessions.
In Closing
Currently, Solana is expecting a strong bullish momentum as the technical indicators are strong, and in the near term, a decent bullish run can be seen.
If the price of the cryptocurrency successfully breaks through these resistance levels, we can anticipate a stronger upward trend to a sideways trend in the upcoming trading sessions. However, if the resistance levels remain intact, the market may shift into a bearish trading session.
Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points.
