Solana (SOL) Price Prediction: SOL Breaks Key Resistance, Signaling Strong Bullish Momentum

Since rebounding from the support level above $122 in early September, Solana (SOL) price has gradually gained bullish momentum akin to Bitcoin (BTC).

Solana (SOL) price continued to enjoy strong bullish momentum on Wednesday, signaling a potential breakout from a key resistance level. The development comes amid growing demand for the SOL token and chatter about a possible exchange-traded fund (ETF).

According to data from CoinMarketCap, SOL price opened the day at $196.52 and quickly surged to a high of $200.17. The token price later experienced a slight pullback but remained above the crucial $200 level. At the time of writing, SOL was trading at $199.07, up by 1.31% in the past 24 hours and 21.06% over the last seven days.

Solana price enjoyed strong bullish momentum on Wednesday. (Source: CoinMarketCap)

The apex coin enjoyed a 24-hour trading volume of $6,334,393,244, indicating a 2.07% decrease. However, SOL price still maintained the fourth position among the most valuable digital assets, following Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).

Solana price enjoyed strong bullish momentum on Wednesday. (Source: CoinMarketCap)

Solana price has been rallying since rebounding from the support level above $122 in early September. The token price enjoyed sustained trading above the daily falling logarithmic resistance trend for the first time since mid-March.

Solana price enjoyed strong bullish momentum on Wednesday. (Source: TradingView)

The development signaled a shift in market sentiment and a possible return to bullish momentum. However, further confirmation was still needed, such as a breakout from the upper Bollinger Band or a sustained close above the resistance level.

Solana price enjoyed strong bullish momentum on Wednesday. (Source: TradingView)

If Solana bulls managed to push the token price above the resistance level, it could pave the way for a rally towards the next Fib extension level at around $220. However, if the bulls failed to generate sufficient buying pressure, SOL price could experience a pullback towards the support level above $180.

Solana price enjoyed strong bullish momentum on Wednesday. (Source: TradingView)

Meanwhile, a technical analysis snapshot from TradingView showed a bullish outlook for SOL. Out of 26 technical indicators, 16 displayed a “buy” signal, while seven pointed towards “sell” and three were neutral.

Solana price enjoyed strong bullish momentum on Wednesday. (Source: TradingView)

The oscillator displayed a neutral reading, with the Relative Strength Index (RSI) at 69.68. However, the Moving Averages Indicator suggested a strong sell, with the token price trading below both the 50-day and 200-day moving averages.

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