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
Gold rebounds past $4,400 as rate-hike odds cool ahead of NFPGold is back above $4,400 after weak ADP data cut September rate-hike odds to ~58%. XAU/USD rebounded from Wednesday's $4,282 low; Friday's NFP is the next catalyst.
Author  Irene Q.
13 hours ago
Gold is back above $4,400 after weak ADP data cut September rate-hike odds to ~58%. XAU/USD rebounded from Wednesday's $4,282 low; Friday's NFP is the next catalyst.
placeholder
US August Nonfarm Payrolls Preview: Will the Labor Market Quell Fed Rate Hike Expectations? US Stocks, Dollar, and Gold Face Key TestThe U.S. Bureau of Labor Statistics will release the August nonfarm payrolls report at 8:30 a.m. ET on September 4. Following hawkish signals delivered by Fed Chair Warsh at Jackson Hole
Author  TradingKey
13 hours ago
The U.S. Bureau of Labor Statistics will release the August nonfarm payrolls report at 8:30 a.m. ET on September 4. Following hawkish signals delivered by Fed Chair Warsh at Jackson Hole
placeholder
Gold rebounds above $4,350 as US Dollar, Treasury yields slipGold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the ‌US Dollar (USD) and Treasury yields retreat from recent highs.
Author  FXStreet
21 hours ago
Gold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the ‌US Dollar (USD) and Treasury yields retreat from recent highs.
placeholder
Gold Price Forecast: Will Gold Keep Falling After Dropping Below $4,300 as US-Iran Conflict Drives Up Oil Prices?As of the Asian trading session on September 2, gold prices (XAUUSD) fell below $4,300 intraday to a low of $4,282.45, with the latest price hovering around $4,320, down nearly 9% cumulat
Author  TradingKey
Yesterday 09: 10
As of the Asian trading session on September 2, gold prices (XAUUSD) fell below $4,300 intraday to a low of $4,282.45, with the latest price hovering around $4,320, down nearly 9% cumulat
placeholder
Escalating US-Iran Conflict Drives Up Oil Prices, WTI Returns Above $90, Gold Falls Near $4,300 As of the Asian session on September 2, international oil prices surged, with WTI crude (USOIL) reclaiming $90, and Brent crude (UKOIL) rising above $95, reaching a high of $97.04; meanwh
Author  TradingKey
Yesterday 02: 21
As of the Asian session on September 2, international oil prices surged, with WTI crude (USOIL) reclaiming $90, and Brent crude (UKOIL) rising above $95, reaching a high of $97.04; meanwh
goTop
quote