O Solana Network native cryptocurrency, SOL, has seen an increase over the past three days, rising from around $180 to over $210.
Having failed to break its previous low of $162.74, the coin, which is currently ranked 5th in the crypto market with a total supply of 441 million and a market capitalization of over $88 billion, has SOL shows no signs of stopping.
Will Solana continue to grow?
At the time of writing, Solana is up 6.25%, trading around $198 in the last 24 hours and has broken above the previous resistance level of $195. The price is also trading above average 100-day moving figure on the 4-hour chart of the SOL/USD pair. If the price continues to rise, it could surpass its key resistance level of $210 and rise further to create a new high for the year.
All of this can be seen in the image below:
Looking at the chart with the help of the RSI (Relative Strength Index) indicator in the image above, we can see that the RSI line is trending above level 50. This is an indication that the price of SUN it is still in a bullish zone and may even rise further.
Taking a closer look at the 4-hour chart with the help of the MACD indicator, we can see that the MACD is on the bullish side as the MACD line, signal line and MACD histogram are all trending above the zero line.
Finally, using the bullish vs bearish power histogram indicator, it appears buyers have taken control of the market with a powerful momentum and are ready to push the price even higher.
We can confirm this in the image below:
With the momentum that Solana is following, there is a possibility that it could break above its previous resistance level of $210.27. If this happens, we could see prices rising, especially with the level of demand dynamics in the market.
Could the SUN dive?
If the price of Solana fails to break above the $210 resistance level, it could start a downside correction towards its initial support level of 162. If the price closes below this support level, it could fall further and likely start a downtrend.
Featured image from YouTube, chart from Tradingview.com
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