Solana (SOL) price today soared above the $157 resistance trendline but ran out of steam with increased selling pressure and now seeking support above it. We may also see a potential retest sitting on the edge which is also a pullback support.
With a sharp increase of 31.78% in 24-hour trading volume, the meme coin favorite coin SOL is now trading at $160.28, at press time. With 5.46% growth in the daytime and, 24% in a month Solana is among the top yearly bullish assets.
This year February SOL succeeded in an attempt to breach the $200 but couldn’t continue the rally as investors decided to book profit.
The SOL/USDT 4-hour chart will draw investors’ attention, now trading above the 20-day EMA with a bullish momentum. After a corrective phase, the chart now has a validated Cup and handle pattern. With RSI at 62 heading back to the neutral zone, demonstrating a sideways trend.
While all the technical indicators show a bullish momentum, if there is a pullback, we can rely on the demand zone to provide support. But be cautious in the demand zone, any breakouts from this level may lead to a sharp decline.
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