The price of Solana (SOL) seems exhausted near the higher levels on Saturday. Buyers remained invested in the coin near $88.0 as accumulation built near the demand zone. The undaunted bullish sentiment pushed the price near $115.0.
Solana (SOL) price has stagnated after testing highs in two weeks. Expect further upside potential if SOL crosses $120 in the near term. Price still trading below 200 DMA at $145.0
SOL price continues to be under pressure near two-week high
On the daily chart, the formation of “Doji” candlesticks on Thursday following the bulls’ rejection at the higher levels suggests that investors are not prepared to give up the coin easily. In a responsive action, the price tested again at the same level. This is a critical level to trade and to continue the upward momentum an acceptance above $120 is a must for the traders.
Source: Trade View
The momentum oscillator Daily Relative Strength Index (RSI) is holding close to 47, indicating that SOL is still not out of the woods.
SOL price has lost nearly 60% since November, testing the lows at $80.00 last seen in August. Further, by looking at the current price action, it can be said that SOL could break the inflection point at $141.19 in February. This would be a 16% increase in SOL price from current levels.
Subsequently, market participants were able to gather momentum to break out of the $175 horizontal resistance zone.
Solana has launched a new payment platform Solana Pay that marks SOL’s newcomer in the Defi space. Further, according to the experts, Solana Pay will take the market by storm. It has long been assumed that Solana Pay, the fastest blockchain, will process more transactions in seconds.
Alternatively, if the SOL price were to end below the week’s high, it could invalidate any bullish arguments. Further failure to keep the old support zone near $80.0 would initiate another round of selling in the coin.
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The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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This post SOL Price Prediction: Will Solana (SOL) Price Break $120 Next Time?
was published first on https://coingape.com/markets/sol-price-prediction-120-next/
