Solana (SOL) Keeps Buoyancy as Price Floats Towards the $150 Mark
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- SOL broke above $120, trading above its 9-day EMA.
- SRSI oversold but showing signs of an upward crossover.
- Target: $150 if bullish momentum holds.
Although the Solana market has been in a consolidation phase for a while now, analysts believe that we might be at another breakout point. Technical indicators support this view, hinting at the possibility of further price gains. So, let’s dive in.
Solana on a 24-Hour Chart
Price action has been moving sideways for most of the past week. Today’s trading session has brought us to last Sunday’s high above the $120 price level. Price action also stands above the 9-day Exponential Moving Average (EMA). Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are dipping into the oversold region, with the lead line now at the 34.35 level, showing a slight sideways trajectory.
Solana Bulls Are Trying to Retain the Sway
Upside forces are still keeping trading activity afloat, as seen on the Solana daily price chart. The ongoing session stands above the 9-day EMA curve while remaining bullish.
Although the general trajectory of the SRSI indicator lines remains bearish, it can be seen that upside forces are already effecting positive changes in the morphology of the indicator’s leading line. As such, it appears an upside crossover is on the way. Consequently, this aligns with the opinion that a breakout towards a higher price level is on the way.
SOL’s Price May Hit $150
With the emerging indications, it appears price activity is preparing for a significant upward correction. Already, analysts are spotting this opportunity, which may secure the price movement as bullish sentiment grows stronger. Therefore, targeting the $150 price level isn’t a terrible idea.
