The crypto markets began the 2024 trade on a bullish note, as the majority of the cryptos have pierced through their respective resistances. The token was experiencing immense pressure upward and, after withstanding notable selling pressure, bulls jumped into action. This surge uplifted the Solana (SOL) price above $110, which suggests the token could mark new highs in the coming days.
The SOL price soared by more than 600% throughout the last quarter of 2023, which offered a strong base for the token since the start of 2024. In less than 48 hours, the SOL price has risen by over 15% and marked daily highs above $116. Although the token is facing minor bearish actions, the upcoming trade is believed to remain under bullish influence, aiming to reach new highs.
As suggested in the above chart, the SOL price has been defending the lower support at $100.70 for a week. Regardless of the bearish influence, the bull triggered a fresh upswing with the beginning of the fresh weekly trade. Besides, the DMI is displaying a diverse trend as it flashes mixed signals. The ADX is reaching the upper resistance in the weekly chart for the first time since 2022. While the DI+ is trading with significant volatility, the DI- maintain a steep descending trend.
It may indicate the sellers may have remained passive as the bulls are utilising all their strength to keep up the bullish momentum. After rebounding by around 12% to 15% from the range low following a successful retest, it may find itself in a potential re-accumulating range. This re-accumulation could help the bulls accumulate strength to a large extent, which may set up a fresh upswing soon.
The next pit stop for the Solana (SOL) price could be the pivotal resistance at $133, while a rise beyond $125 to $128 may validate a rise beyond these levels.
Source: https://coinpedia.org/price-analysis/solana-manifests-strength-will-the-sol-price-reach-the-crucial-resistance-at-130/