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
$180 Oil Prices Imminent? Saudi Arabia Warns: Crisis to Last Until Late April, Oil Prices Will Break Historic HighsThe continuous escalation of geopolitical conflicts in the Middle East is pushing global energy markets toward their most severe test in nearly 20 years.The Wall Street Journal reports th
Author  TradingKey
Mar 20, Fri
The continuous escalation of geopolitical conflicts in the Middle East is pushing global energy markets toward their most severe test in nearly 20 years.The Wall Street Journal reports th
placeholder
Gold tumbles below $4,650 as inflation fears and liquidity squeeze weighGold price (XAU/USD) remains under selling pressure near $4,640 during the early Asian session on Friday. The precious metal extends the decline as soaring crude oil and energy prices, driven by the escalating US-Israeli war with Iran, reignite inflation fears.
Author  FXStreet
Mar 20, Fri
Gold price (XAU/USD) remains under selling pressure near $4,640 during the early Asian session on Friday. The precious metal extends the decline as soaring crude oil and energy prices, driven by the escalating US-Israeli war with Iran, reignite inflation fears.
placeholder
Bitcoin Drops Below $70,000 as Crypto Rally Fails to MaterializeThe crypto market experienced a significant pullback, Bitcoin (BTCUSD) fell below the key $70,000 mark during intraday trading, triggering short-term stop-loss orders and causing market s
Author  TradingKey
Mar 19, Thu
The crypto market experienced a significant pullback, Bitcoin (BTCUSD) fell below the key $70,000 mark during intraday trading, triggering short-term stop-loss orders and causing market s
placeholder
Gold falls below $4,850 as Fed holds rates steadyGold price (XAU/USD) faces some selling pressure near $4,830 during the early Asian session on Thursday.
Author  FXStreet
Mar 19, Thu
Gold price (XAU/USD) faces some selling pressure near $4,830 during the early Asian session on Thursday.
placeholder
WTI Crude Prices Capped at $100, Has the Rally Ended? How to Trade the Short Term? Today (March 18), WTI crude oil continued to exhibit significant short-term volatility, driven by a tug-of-war between headlines and data. Intraday, prices retreated from Tuesday's high o
Author  TradingKey
Mar 18, Wed
Today (March 18), WTI crude oil continued to exhibit significant short-term volatility, driven by a tug-of-war between headlines and data. Intraday, prices retreated from Tuesday's high o
goTop
quote