The News Crypto -
- Crypto market, led by Bitcoin’s climb to $63,000, remains bullish, boosting altcoins like Solana (SOL) by over 17%.
- Solana’s recent surge indicates sustained buying pressure, pushing it past key price levels.
- Technical indicators like MACD suggest further upside for SOL.
The wider crypto industry continues trading under a strong bullish influence, alongside Bitcoin’s push to cement $63,000 levels this week. As with previous rallies, the momentum has spilled over to top altcoins like Solana (SOL), with the asset tacking on over 17% in the last 24 hours to reclaim important milestone price markers.
The explosive move has already added around 20% to Solana’s value over the trailing 7 days, showcasing a striking bullish resurgence over the past week. Recent data infers sustained purchasing demand that could have longer-term implications if it persists.
After ranging tightly between $93 and $100 throughout last week, the dam looks to have now burst in terms of upward volatility. An initial 17% breakout early this week ran into profit-taking above $110 briefly before rebounding.
Having reclaimed prior support around $107, the latest 14% surge sets the stage to retest stiff overhead resistance around the $125 area in the short term. Taking out this barrier would represent a 22-month high for the embattled Solana project.
Will Solana hit $150 next?
With the Moving Average Convergence Divergence (MACD) indicator remaining firmly in positive territory on daily charts, analysts broadly eye further upside continuation for SOL in the coming days. The strength of the trend suggests high odds of cracking $130 and making a decisive push towards the $150 threshold thereafter.
Should bulls overwhelm selling pressures around present levels, conservative estimates note room to tag $135, assuming momentum persists as projected. However, failure to find acceptance above $125 resistance risks sparking correction waves back down towards key supports at $117 and $107 subsequently.
So while still prone to elevated volatility, Solana’s strong technical posture and improving on-chain landscape after months leave analysts confident in the more upside ahead. Having already risen off its mid-January lows by over 36%, the latest surge could be signs of history repeating itself to see exploits of old highs.
This article was originally published on thenewscrypto.com
