After a minor setback last week Bitcoin is currently testing its new resistance level at $65K, presently priced at $64,842.95. The cryptocurrency has pulled up the entire crypto market, along with Solana. At press time, Solana is priced at $153.01 a +4.41% change in price in the last 24 hours. Solana is testing its current 24-hour resistance level at $153.46.
Technical Indicators Supporting a Potential Upswing
For the last 12 hours, Solana has been experiencing price swings. According to the MACD analysis, Solana has yet again broken into a bull run on October 14th. The histograms have turned green and increased in size, further cementing that a bull run is on its way. If the current price level can break off, Solana can reach its one-month high of $161.62. However, it is too soon to predict if Solana will get the $161 mark, as Solana is currently struggling to break through resistance levels, as showcased by the brief wanes in the bullish momentum.
Potential Risks and Barriers: A Market Tug-of-War!
The recent shift to green in the histograms, along with the slow progression in the sizes, indicate that bulls are gaining control. However, the current hiccup is that previous charts suggest Solana experienced bearish pressure despite the occasional bullish pickup, hinting at an ongoing competition between bullish and bearish pressure. If the bullish momentum continues to hold itself steady, Solana may finally push past the current resistance level of $153.4, laying the groundwork for a bigger breakout. A positive market interest or impromptu news could further solidify the grounds for a mega bull run.
While the MACD does reflect a bullish momentum, Solana continues to remain in a vulnerable position, anticipating a trend reversal. External factors within the market and a failure to stay afloat in the face of it could lead to a bearish momentum, signaling a downturn. A sustained bullish crossover and rising momentum, on the other hand, could speed up the current bullish momentum and signal a further price upswing. As for now, investors need to keep an eye on whether Solana can topple the $153.46 mark.