Solana showed a strong performance this week, positioning itself as a standout asset among the ten largest cryptocurrencies by market cap. The recent surge in demand for platform-linked meme currencies has significantly impacted market activity.
As of today, Solana’s live price is $173.01, with a significant 24-hour trading volume of $2,880,511,252. This notable increase reflects the broader market trend as specific blockchain platforms gain popularity due to the tokens associated with them.
This week’s rally is particularly noteworthy as Solana has seen a 22% price increase since the rally that began on May 14. This surge has pushed SOL price dynamics to new heights, recording a 44% increase during the month. Today, Solana continues its ascent, with a current increase of 2.77% in just the past 24 hours. Such movements indicate strong buyer enthusiasm and a potential shift in investor focus towards platforms that support popular meme coins.
Solana’s key levels were tested strongly during this period. After starting the month at $130.13, Solana broke through significant resistance levels to settle around the $172.65 level.
Bullish momentum on 4-hour chart as SOL tests key resistance
Solana price analysis on the 4-hour chart reveals a promising uptrend, with SOL following a broad market recovery. The cryptocurrency has consistently risen from its recent low of $165, showing strong interest from buyers. At present, SOL is challenging the resistance level at around $175.25, indicating bullish sentiment in the market. Firm support at $165.17 remains crucial; Staying above this level enhances positive momentum.
Technical indicators provide additional insights into Solana’s market behavior. Fibonacci retracement levels indicate that SOL is hovering near the 0.786 retracement at $173.25. A break above this level could pave the way towards the $180 level, which coincides with a full Fibonacci retracement.
However, a Relative Strength Index (RSI) approaching 70 indicates that SOL is approaching overbought territory, which could lead to a potential consolidation or a minor pullback.
The Moving Average Convergence and Divergence (MACD) supports the bullish outlook, with the MACD line positioned above the signal line and both lying above zero. This setup indicates continued bullish momentum, supported by an increasingly bullish chart.
Looking at Solana (SOL), the current resistance level to watch is around $175.25, as we saw in recent trading sessions where SOL tested this price point. A sustained break above this level could push Solana to target the next major resistance level at $180, which coincides with a full Fibonacci retracement of recent volatility.
On the flip side, if SOL bounces from its current levels, immediate support will be at $165.17. If this support fails to hold, further decline could lead to SOL testing lower support near the $160 level, in line with the 0.618 Fibonacci retracement.