Solana (SOL) Eyes $210 as It Approaches Make-or-Break Resistance Zone

Source Beincrypto

Solana’s price has maintained an upward trend in recent days, fueled by increased demand for the popular altcoin. Currently trading at $148.06, SOL has risen by 2% in the past week despite broader market stagnation.

This uptrend has brought SOL to a key resistance level at $148.16, which it is now attempting to break. If Solana manages to surpass this resistance, it could spark a rally toward $210 and beyond. But how soon can this breakout occur?

Solana Witnesses Uptick In Demand

Solana’s Relative Strength Index (RSI) is in an upward trend at 53.93 as of this writing. This indicator measures the coin’s oversold and overbought market conditions.

It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for a correction. On the other hand, values below 30 indicate that the asset is oversold and may soon witness a rebound. 

An RSI reading of 53.93 indicates that SOL buyers are gradually gaining strength, which could cause its price to maintain its uptrend. 

Read more: Solana vs. Ethereum: An Ultimate Comparison

Solana RSISolana RSI. Source: TradingView

Moreover, SOL’s positive Balance of Power (BoP) supports this bullish outlook. This indicator measures the strength of buyers versus sellers in the market. At press time, SOL’s BoP is 0.44, suggesting buyers are in control and attempting to push the price higher. 

Solana RSI. Solana BoP. Source: TradingView

SOL Price Prediction: A Succesful Retest Is Key

Solana is trading at $148.06, just below the resistance at $148.16. Since early August, this price level has seen significant selling pressure, with SOL attempting to break above it several times. Despite these efforts, each retest has failed to hold.

If the ongoing demand for SOL persists, the coin may rally beyond this resistance. A successful retest could trigger a surge toward $209.90, a high Solana’s price last reached in March.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

Solana Price AnalysisSolana Price Analysis. Source: TradingView

However, a failed retest of this resistance line could send Solana’s price plummeting toward $110.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Why Trump Media Stock Is Plummeting TodayDespite Donald Trump's victory in the presidential election, Trump Media stock is losing ground today. While there isn't any new business-specific news for the company or unfavorable political developments for Donald Trump, the social media specialist's share price is moving lower as investors move to take profits on the stock.
Author  The Motley Fool
13 hours ago
Despite Donald Trump's victory in the presidential election, Trump Media stock is losing ground today. While there isn't any new business-specific news for the company or unfavorable political developments for Donald Trump, the social media specialist's share price is moving lower as investors move to take profits on the stock.
placeholder
GBP/USD Price Forecast: Faces rejection near 100-day SMA, holds above mid-1.2900sThe GBP/USD pair struggles to build on the previous day's positive move and faces rejection near the 100-day Simple Moving Average (SMA) during the Asian session on Friday.
Author  FXStreet
13 hours ago
The GBP/USD pair struggles to build on the previous day's positive move and faces rejection near the 100-day Simple Moving Average (SMA) during the Asian session on Friday.
placeholder
Why Arm Holdings Stock Was Moving Higher TodayShares of Arm Holdings (NASDAQ: ARM) were moving higher after the chip-design company posted better-than-expected results for the fiscal second quarter and reaffirmed its guidance for the full year.
Author  The Motley Fool
13 hours ago
Shares of Arm Holdings (NASDAQ: ARM) were moving higher after the chip-design company posted better-than-expected results for the fiscal second quarter and reaffirmed its guidance for the full year.
placeholder
Rivian stock rises despite revenue miss in Q3Electric vehicle maker Rivian Automotive (NASDAQ:RIVN) saw its stock rise 3% despite reporting third quarter revenue that fell short of analyst expectations.
Author  Investing.com
13 hours ago
Electric vehicle maker Rivian Automotive (NASDAQ:RIVN) saw its stock rise 3% despite reporting third quarter revenue that fell short of analyst expectations.
placeholder
Gold price slides back below $2,700 mark amid modest USD strengthGold price (XAU/USD) struggles to capitalize on the previous day's solid rebound from the 50-day Simple Moving Average (SMA) support near the $2,643 area, or over a three-week low and attracts some sellers during the Asian session on Friday.
Author  FXStreet
13 hours ago
Gold price (XAU/USD) struggles to capitalize on the previous day's solid rebound from the 50-day Simple Moving Average (SMA) support near the $2,643 area, or over a three-week low and attracts some sellers during the Asian session on Friday.
goTop
quote