Solana‘s native cryptocurrency SOL has continued its ascent over the past three days, climbing from around $180 to over $210. However, it then experienced a pullback, with the price dropping below $200. At the time of writing, the SOL coin price has fallen to $197. Will SOL coin reach an all-time high from this stage?
Will Solana Continue to Rise?
Having surpassed the previous resistance level of $195, the price of Solana (SOL) is now trading above the 100-day moving average on the 4-hour SOL/USD chart. If the price continues to move upward, it could break above the main resistance level of $210 and potentially reach new highs within the year.
Looking at the chart with the help of the RSI (Relative Strength Index) indicator shown above, we can see that the RSI line is above the 50 level. This indicates that the SOL price is still in the bullish zone and could even climb higher.
Taking another look at the 4-hour chart with the help of the MACD indicator, we can see that the MACD line, signal line, and MACD histogram are all above the zero line, indicating that MACD is on the bullish side.
Could the Cryptocurrency SOL Fall?
Using the bull and bear power histogram indicator, it appears that buyers have captured the market with strong momentum and are ready to push the price even higher. With the momentum Solana is moving with, there is a possibility of breaking above the previous resistance level of $210.27. If this happens, especially with the level of demand momentum in the market, we could see prices rise even further.
Altcoin Solana’s price, if it fails to break above the $210 resistance level, could initiate a downward correction towards the first support level of $162. If the price closes below this support level, it could fall further and potentially start a downtrend.
One of the most important factors supporting Solana’s price is the activity of meme coins on the Solana network. The use of SOL coin in transactions on the network is also leading to an increase in its price. Therefore, the upcoming process will also depend on the activity within the Solana network. If the network’s usage is high, this could also make it possible for the cryptocurrency Solana to break its all-time record.
