Solana Achieves Record High of $154: Analysts Offer Insights on Future Price Trends
Solana’s [SOL] experienced consistent buying pressure throughout September. A recent analysis highlighted that the increasing spot CVD indicated genuine demand, suggesting that the upward trend was likely to be sustainable.
This prediction has materialized. Following a decline to $141.1 on Sunday, September 22nd, SOL has surged by 5.85% to reach $149.3 at the time of writing. Additionally, technical analyst Peter Brandt expressed confidence in the token’s potential for substantial growth post a six-month consolidation period.
Resistance Challenges Await SOL Bulls
Over the last four months, Solana has traded within a price range spanning from $122 to $186. The $154 mark represents the mid-range level, reflecting a 50% retracement based on the February and March rally.
This confluence of resistance levels presented a significant hurdle, but the bulls demonstrated resilience. The accumulation/distribution indicator witnessed a consistent upward trend in September, confirming sustained buying interest.
Moreover, the daily RSI crossed above the neutral 50 mark, indicating a shift in momentum. Consequently, the chances are high for SOL to surpass the $154 threshold.
Additional Strong Supply Zone Beyond Key Resistance
Although a daily close above $154 would be encouraging, the journey does not culminate at that point. Analysis of the price chart revealed that the recent local peaks in the past two months were around the $160-$163 range.
Upon examining the liquidation heatmap, CryptoCrypto identified a cluster of liquidation levels within the $162-$166 zone. This region could exert a gravitational pull on Solana’s price, potentially leading to a bearish reversal.
Hence, until the $165 level is breached, caution is advised for bullish traders. Those more risk-averse might choose to secure profits at $154 and $160, opting to wait on the sidelines until the $165 threshold is surpassed.
Disclaimer: The information provided is the writer’s personal opinion and does not constitute financial, investment, trading, or any other form of advice.