Solana Shows Resilience at $120 Support, Bulls Target $160
- Solana(SOL) dmonstrts strngth nr th criticl $120 support, fuling bullish sntimnt mong trdrs.
- Trdr Ptr Brndt mphsizs th $120 supports significnc, suggsting it could ld to sizbl dvnc for SOL.
- With 6.60% wkly gin nd incrsd futurs mrkt ctivity, SOL shows strong upwrd momntum towrd $160 trgt.
Solana (SOL) is sprking optimism mong crypto trdrs, s th tokn hs dmonstrtd rsilinc nr ky support lvl. This strong prformnc is fuling xpcttions for potntil upwrd pric movmnt
Vtrn trdr Ptr Brndt mphsizd th importnc of th $120 lvl for SOL in post on Sptmbr 20th. H pointd out tht SOL hs bn consolidting in rctngl pttrn on th dily chrt, with th lowr limit t $120 cting s crucil support sinc mid-April. H blivs this formtion could b lunchpd for sizbl dvnc.
Similrly, TrdrKoz hs highlightd th significnc of th $120 support. H notd tht SOL hs succssfully tstd this lvl thr tims, rinforcing its rol in buyr intrst. TrdrKoz dviss trdrs to look for rtst of th $135-$140 rng bfor considring nw long positions
Solana Outpaces Bitcoin, Bulls Eye $160
As of now, SOL is pricd t $147.02, chiving notbl incrs of 6.60% ovr th pst wk. This prformnc xcds Bitcoins (BTC) growth of 5.16%, ccording to CoinMrktCp. Trdr CryptoZhi rmins positiv bout SOLs dirction, noting strong upwrd momntum following succssful tst t th $138 mrk. H nticipts tht SOL could hit short-trm trgt of $160.
This optimistic outlook is supportd by ris in th futurs mrkt. Opn Intrst (OI)th totl vlu of outstnding futurs contrctshs jumpd 21.15%, incrsing from $2.08 billion on Sptmbr 18th to $2.52 billion, ccording to Coinglss.
Whil Solanas Totl Vlu Lockd (TVL) hs dcrsd sinc lt August, it hs rcntly shown slight rbound, climbing from $4.66 billion on Sptmbr 18th to $5.107 billion on Sptmbr 21st, bsd on DfiLlm dt. Additionlly, dily trnsctions on th Soln blockchin hv risn significntly, from 4,630 to 8,023 btwn August 14th nd Sptmbr 19th, s rportd by Dun Anlytics.
This uptick in TVL nd trnsction volum indicts incrsd ctivity nd doption on th Solana ntwork. Mor usr nggmnt gnrlly lds to hightnd dmnd for SOL, which could positivly influnc its pric.
Mnwhil, SOL trds just bov th uppr Bollingr Bnd t $146, suggsting strong buying intrst. Th Rltiv Strngth Indx (RSI) is t 59.02, rflcting modrt bullish momntum without ntring ovrbought trritory. This positioning llows for furthr pric growth, with th nxt rsistnc t $160, s long s SOL holds bov th criticl support t $134. A pric drop my occur if it fils to mintin this uppr thrshold.
Related Readings | Dogecoin (DOGE) Signals Potential Price Increase as Key Indicators Turn Positive
Read more: https://www.tronweekly.com/solana-bulls-target-160/
Text source: TronWeekly
