Coinpedia Markets, a crypto analysis platform, shared a bullish tweet on Solana (SOL), highlighting its upward momentum. The tweet highlighted that SOL is currently retesting $160 as support after breaking past a resistance level.
If this level holds, the chart suggests further price targets between $180 and $188. The analysis comes as SOL shows signs of continued strength, bolstered by technical indicators pointing toward sustained bullish momentum.
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SOL Breaks Through Key Resistance
The chart shared by Coinpedia Markets reveals that SOL has broken a critical resistance at $160, a level that had previously hindered its upward movement. Following this breakout, the price is retesting the $160 mark, now acting as support. The shift from resistance to support is a typical bullish signal, hinting at potential upward momentum.
In addition to the $160 level, the chart identifies another support zone at $155, which previously served as a low point before SOL’s recent climb. These levels are essential as they provide insights into where the price may stabilize before making any further moves.
Trends Indicating a Bullish Sentiment
Since early October, SOL has displayed a clear upward trend, characterized by higher highs and higher lows. This pattern underscores the current bullish sentiment surrounding the token. After breaking the $160 resistance, the price gained further traction, reflecting strong buying interest.
The chart suggests that if the $160 support level holds, SOL could see a continuation of its upward trend. The tweet from Coinpedia Markets captures this sentiment by describing SOL as “looking hot right now,” emphasizing the market’s confidence in the token’s potential to push higher.
The targets highlighted between $180 and $188 align with previous price actions and may serve as the next resistance levels.
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Technical Indicators Reinforce Uptrend
The chart analysis also points to key technical indicators that support the bullish outlook for SOL. Both the 50 and 100-day EMA trend upward, and the price is trading above these lines.
This positioning usually supports the upward trend and indicates ongoing buying interest. The upswing is probably going to continue as long as the price stays above the EMAs, offering a strong basis for potential further gains.
These EMAs are now supporting the rising trend, according to Coinpedia Markets, which is more motivation to closely monitor SOL’s price moves. The combination of these indicators and the retesting of the $160 level hints at a potential breakout toward higher targets.
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