Solana Sustains Its Price Above $155 Amid Increased Volatility

• Solana has exhibited an additional 2.78% price increase in the last 24 hours. 
• The altcoin momentarily hit a high of $158 since the beginning of October 1.

The cryptocurrency market pendulum has prolonged its stay on the bullish end as price actions have continued to remain positive in the past week. Overall crypto market has recorded positive market cap and daily trading volume movements, particularly in the last 24 hours. Similarly, the prominent altcoin Solana has also retained on the bullish end. 

Meanwhile, other cryptocurrencies such as Bitcoin and Ethereum have shown progressive growth, reaching their previous trading levels. Solana has factored in a price increase of 2.78% in the past day despite strong bull-bear combats at the $155 level. The altcoin had entered a price slump a few weeks ago and slipped out of investor attention. 

However, in the past few days, the token’s surpassing $150 for the first time in October and its price actions have garnered the sector’s spotlight. In the Asian evening hours of October 15, Solana was trading at $153. As the day progressed, prices moved upward to hit a 16-day high of $158.41. At the time of writing, SOL was trading at $156.33 according to CMC data. 

On the other hand, when inferring the altcoin’s daily price chart it has shown increased volatility. This is further highlighted by the RVI standing at 54.93 as per TradingView data. Solana’s bulls and bears have staged combats specifically in the past day as prices flitted between $150 and the aforementioned high of $158. 

Is a Solana Price of $160 on the Horizon? 

As the bull market continues to set up fort, crypto analysts are expecting higher trading levels for leading cryptocurrencies. On these lines, Solana has begun to show signs of bullish price breakouts in the past few days. The token’s short-term 9-day MA has moved closer to the long-term 21-day MA awaiting a bullish crossover.

If the current positive momentum sustains then the altcoin bullish crossover can be expected to occur. Additionally, the recent upward movement has resulted in a buying market sentiment as highlighted by the RSI standing at 60.47, traversing from a recent oversold situation. 

Finally, on the last day, several Solana-based memecoins such as Book of Meme and Myro had shown significant growth on October 15.