Solana (SOL) Hovers Around $160 Amid Ongoing Bullish Momentum

• At the time of writing, SOL is trading at $158.80, down 0.30% in the last 24 hours.
• If the price manages to go past the $160 mark, then it will likely rally towards $164 level.

Prominent on-chain analyst Ali Chart tweeted an optimistic forecast for Solana (SOL). His chart suggests that Solana is forming a bullish Adam & Eve pattern, which might portend a significant price gain.

According to Ali, the cryptocurrency price can surge by almost 33%, reaching $220, if SOL manages to surpass the critical resistance level of $164. Given Solana’s consistent resilience in the face of market fluctuations, this prediction has aroused the curiosity of the cryptocurrency sector.

Eyeing Breakout

Solana (SOL) is getting close to the important resistance zone of $160, where it has lately seen a considerable price increase. The SOL price encountered resistance at this level last week and has been unable to break through since.

On the other hand, new long positions have emerged, driving demand higher and causing the price to rise. Along with this, more and more traders began to wager on the price increase. After a weak start to the week, SOL recovered and eventually surpassed the $150 round mark. The price also rose due to the discovery of a bullish crossing, and the recent dovish stance by the U.S Fed officials.

At the time of writing, SOL is trading at $158.80, down 0.30% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 14.06%. If the price manages to go past the $160 mark, then it will likely rally towards the critical resistance level of $164. 

Breaking above $164 level, will likely propel the price towards the $200 mark. However, if the price falls below $155, then it will likely test $152 support level. Further decline will likely result in price testing $143 level.