{"id":628530,"date":"2024-07-09T11:00:07","date_gmt":"2024-07-09T11:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=628530"},"modified":"2024-07-09T10:02:23","modified_gmt":"2024-07-09T10:02:23","slug":"can-solana-hit-160-sols-resilience-sparks-rally-optimism","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/can-solana-hit-160-sols-resilience-sparks-rally-optimism\/","title":{"rendered":"Can Solana Hit $160? SOL’s Resilience Sparks Rally Optimism"},"content":{"rendered":"

Currently, the price of Solana has been showing resilience amid market volatility. This recent performance of SOL has raised rally<\/span> optimism<\/span><\/a> among market participants as to whether the digital asset\u2019s price could potentially reach the $160 mark in the upcoming days.<\/span><\/p>\n

Particularly, this article aims to provide technical insight on recent price performance and technical indicators that suggest the potential for the crypto asset to hit $160 focusing on the 4-hour and the 1-day chart.\u00a0<\/span><\/p>\n

At the time of writing, SOL’s price was up by over 7%, trading at about $143, with a market capitalization of more than $66 billion and a trading volume of more than $3.5 billion. In the last 24 hours, SOL’s market capitalization and trading volume have increased by 7.81% and 55.69% respectively.<\/span><\/p>\n

Technical Insights On SOL’s Recent Price Actions<\/strong><\/h2>\n

Presently, the price of SOL on the 4-hour chart with bullish momentum is trading above the 100-day Simple Moving Average (SMA). The digital asset has been on an upward spiral since after failing to retest its previous low of $121 and given the price movement, there are possibilities that it could still extend its rally.<\/span><\/p>\n

\"Solana\"
Source: SOLUSDT on Tradingview.com<\/figcaption><\/figure>\n

Also, an analytical view of the 4-hour Composite Trend Oscillator shows that the price of Solana may continue its bullishness as the signal line has crossed above the SMA of the indicator and both are attempting a move above 50%.<\/span><\/p>\n

On the 1-day chart, Solana is attempting a bullish move towards the 100-day SMA and the $160 resistance level after it has formed what looks like a double-bottom pattern. With this price formation, the digital asset could <\/span>skyrocket<\/span><\/a>, challenging previous resistance levels.<\/span><\/p>\n

\"Solana\"
Source: SOLUSDT on Tradingview.com<\/figcaption><\/figure>\n

Finally, on the same 1-day chart, the composite trend oscillator also indicates that SOL could potentially expand its bullish move as the signal line is attempting to cross above the SMA of the indicator and are both trending slightly above the oversold zone.<\/span><\/p>\n

Future Outlooks If Solana Achieves The $160 Mark<\/strong><\/h2>\n

Given that Solana is currently attempting an upward rally toward the<\/span> $160 resistance level<\/span><\/a>, if the asset’s price reaches this level and closes above, it will continue to ascend to test the $188 resistance level. It may probably move on to test the $205 resistance level and other higher levels if the $188 level is breached.\u00a0<\/span><\/p>\n

However, if the price reaches $160 and witnesses a rejection, it will start to drop again toward the $118 support level. Should it break below this support level, it will continue to descend to test the $99 support level. Furthermore, the digital asset may witness a steeper decline to test the $79 level and other levels on the chart if it breaks below the $99 support level.<\/span><\/p>\n

\"Solana\"
SOL trading at $143 on the 1D chart | Source: SOLUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from Adobe Stock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Currently, the price of Solana has been showing resilience amid market volatility. This recent performance of SOL has raised rally optimism among market participants as to whether the digital asset\u2019s price could potentially reach the $160 mark in the upcoming days. Particularly, this article aims to provide technical insight on recent price performance and technical indicators that suggest the potential for the crypto asset to hit $160 focusing on the 4-hour and the 1-day chart.\u00a0 At the time of writing, SOL’s price was up by over 7%, trading at about $143, with a market capitalization of more than $66 billion and a trading volume of more than $3.5 billion. In the last 24 hours, SOL’s market capitalization and trading volume have increased by 7.81% and 55.69% respectively. Technical Insights On SOL’s Recent Price Actions Presently, the price of SOL on the 4-hour chart with bullish momentum is trading above the 100-day Simple Moving Average (SMA). The digital asset has been on an upward spiral since after failing to retest its previous low of $121 and given the price movement, there are possibilities that it could still extend its rally. Also, an analytical view of the 4-hour Composite Trend Oscillator shows that the price of Solana may continue its bullishness as the signal line has crossed above the SMA of the indicator and both are attempting a move above 50%. On the 1-day chart, Solana is attempting a bullish move towards the 100-day SMA and the $160 resistance level after it has formed what looks like a double-bottom pattern. With this price formation, the digital asset could skyrocket, challenging previous resistance levels. Finally, on the same 1-day chart, the composite trend oscillator also indicates that SOL could potentially expand its bullish move as the signal line is attempting to cross above the SMA of the indicator and are both trending slightly above the oversold zone. Future Outlooks If Solana Achieves The $160 Mark Given that Solana is currently attempting an upward rally toward the $160 resistance level, if the asset’s price reaches this level and closes above, it will continue to ascend to test the $188 resistance level. It may probably move on to test the $205 resistance level and other higher levels if the $188 level is breached.\u00a0 However, if the price reaches $160 and witnesses a rejection, it will start to drop again toward the $118 support level. Should it break below this support level, it will continue to descend to test the $99 support level. Furthermore, the digital asset may witness a steeper decline to test the $79 level and other levels on the chart if it breaks below the $99 support level. Featured image from Adobe Stock, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":628532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[92579,91599,85676,12837,83626,86410,83627],"class_list":["post-628530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-composite-trend-oscillator","tag-simple-moving-average","tag-sma","tag-sol","tag-solana","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\nCan Solana Hit $160? 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I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They\u2019ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won\u2019t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. 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I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They\u2019ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won\u2019t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I\u2019m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I\u2019ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.","sameAs":["https:\/\/x.com\/NFTwerey"],"url":"https:\/\/wncen.com\/author\/godspowerowie\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Can Solana Hit $160? 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