Altcoin Solana (SOL) has made significant progress since its low of $17.33 on September 10. Accordingly, it showed a strong upward trend of 25%. It also pointed to strong upside potential. However, SOL needs to overcome resistance levels to rise further.
Technical indicators favor altcoin Solana bulls
If the bullish momentum continues to increase, altcoin SOL will rise another approximately 10%. Thus, it will surpass the 100-day Exponential Moving Average (EMA) resistance at $24.40. Solana is showing its strength in a difficult market. On the other hand, it is too early for the “Ethereum killer” to rise independently. Market conditions remain turbulent. Accordingly, it affects all major cryptocurrencies.
Altcoin Solana (SOL) price has an upward trend with an increase of around 5% in the last 24 hours. Following a period of consolidation earlier in the month, Solana’s volatility is notable. Technical indicators support Solana’s upside potential. The Relative Strength Index (RSI) is pointing north while remaining above the 50 midline. Awesome Oscillator (AO) is also in the positive zone. Accordingly, it is green and above zero level.
Will it be possible to pass the barrier?
Altcoin SOL is likely to gain momentum above current levels, primarily driven by buying pressure from the $21.27 congestion level marked by the 50-day Exponential Moving Average (EMA). If this buying momentum continues, Solana will break the immediate barrier at $24.40, currently represented by the 100-day EMA.
If altcoin Solana turns the 100-day EMA into a support level, the price will rise. Thus, it will face strong resistance at $26.96. In the bullish scenario, SOL’s earnings will increase further. Accordingly, it will potentially reach the 200-day EMA at $31.24. This would thus mark a significant increase of 40% from current levels.
Possible bear scenario for Solana
On the other hand, profits were made by traders who purchased altcoin SOL during the recent decline. Accordingly, this will potentially lead to a downward movement for the Solana price. A break below the support at the 50-day EMA at $21.27 would be the first sign of bearish pressure. However, to invalidate the bullish view, SOL will need to break below the critical support level at $17.80, which represents the recent low.
If this support is breached, it will trigger selling pressure. Thus, it will push the price of Solana below the psychological level of $16.00. When we look at Kriptokoin.com, this will result in a 30% decrease from current levels. The future price direction for altcoin SOL remains uncertain. On the other hand, it is vital to closely monitor its performance in the context of the broader crypto market.
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