Solana (SOL) seems exhausted after Saturday’s highs. Buyers remained interested in the alt around the $88 level as accumulation increased at the demand territory. The undeterred upside actions pushed SOL towards $115.
- SOL has its price stalling after hitting 2-week peaks.
- The crypto might record further near-term upswings if it breaches $120.
- Solana’s price still hovers under the 200DMA of $145.
SOL Sees Pressure at 2-Week Highs
The Doji candlestick formation on Thursday’s daily chart after a bullish rejection around higher zones indicates investors’ unwillingness to surrender on the token. Responsive actions had the asset testing similar levels again.
That makes it a critical trading zone, and SOL requires an acceptance beyond $120 to extend the upside move. Meanwhile, the Relative Strength Index at 47 shows SOL is yet to escape the woods.
Solana had lost roughly 60% since 2021 November to test value zones never touched since August, $80.00. Moreover, the current price movement suggests that SOL might take out the $141.19 inflection point in February. That would mean a 16% upsurge for Solana from current price regions. After that, market players may gather the strength to overcome the horizontal resistance level of $175.
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Solana has introduced a payment platform, Solana Pay. That comes as the network enters the decentralized finance marketplace. Moreover, experts believe the new payment platform will attract market participants. Also, the fastest blockchain network means Solana Pay handles more transactions within seconds.
Alternatively, the Solana price move ending beneath the week’s peak will cancel the entire bullish narrative. Meanwhile, failure to stabilize beyond the support level near $80.0 might trigger new selling momentum for the alternative coin.
For now, the SOL price may depend on reactions by the broad market. Indeed, the crypto spectrum presented remarkable upswings over the past few sessions. The altcoin market recorded impressive moves after Bitcoin rose past the $40K psychological level.
For now, the leading crypto by values teeters beyond the $41K mark, contemplating the next move. Meanwhile, Bitcoin and the broad market maintaining the current bullish outlook will mean further upswings. That way, Solana can overcome the closest hurdles for higher aspirations.
Stay around for upcoming updates.
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