Why is the Solana (SOL) Price Up Today?

2 months ago 22

Solana broke above the key resistance at $126 and in the process made a new local high. In the following, we take a look at a few technical indicators that might provide some insights into why SOL’s price is up today.

Key Support levels: $126

Key Resistance levels: $163

1. Resistance Turns into Support

The resistance at $126 was overrun by buyers today and they managed to turn it into a key support. If this level holds, then the next target is found at $163. Since Solana just made a higher high, the price action is bullish.

2. Volume Returns

Today’s volume reached levels not seen since January and turned the momentum indicators bullish. With buyers back in control of the price, Solana has a good chance at higher levels.

3. Bullish Cross on MACD

The daily MACD made a bullish cross after some hesitation yesterday. This confirms the bullish bias and sets the stage for Solana to move to the next key target at $163, as long as buyers keep this momentum.