- Solana trades above its moving averages, forming a golden cross pattern that supports a potential price rise toward $172.51.
- Despite a 2.54% price increase, SOL’s trading volume dropped by over 9%, suggesting cautious investor activity.
- Binance data reveals a bullish stance among traders as long positions on SOL gain traction, boosting market confidence.
Solana (SOL), currently ranked sixth by market capitalization, is approaching a critical price milestone following a bullish chart formation. This report shows that SOL has increased by 2.54% during the last 24 hours and is currently trading at $151.22. This jump is due to a consistent recovery of the lowest weekly value of $126, which means that the current momentum is upwards.
SOL is now trading above the 9-day and 21-day moving averages. This alignment forms a golden cross pattern, a technical signal often associated with bullish trends. The current trading zone places the lower support at $141.15, while the average mark is noted at $147.66. A push beyond this range could initiate a move toward the next resistance zone.
Volume decline contrasts with price rally
Trading volume is not sufficiently strong despite the recovery of prices. The trading volume has fallen by 9.11% in the past 24 hours, settling down at the current levels of $3.19 billion. This is pointing to a cautious approach by the investors, but the price action depicts that the sentiment is gaining strength. According to analysts, the bullish setup would be confirmed by the surge in trading activity and produce a further impetus forward.
Chart analysis from platforms such as TradingView shows that Solana may attempt to reach $164 in the near term. Additionally, if the golden cross formation holds and market conditions remain favorable, the asset could hit $172.51. This would mark a 17.2% increase from its current price level.
Market confidence grows with positive sentiment on exchanges
Binance data indicates that traders are putting long positions on Solana. The trend indicates that market players are expecting a further upward trend. The mood reflects the latest bullish sentiment in the crypto world involving estimates that Solana is to gain momentum against the larger rivals.
The technical indicators and the golden cross setup make Solana show possibilities in further growth with the current price setup structure. It is however, noted that the asset needs to move towards the expected resistance barriers with increased trading volume and market support that has been provided to date.
