Near-Term Resistance at $170 But Bullishness Stays – Crypto News – Crypto News
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Near-Term Resistance at $170 But Bullishness Stays Near-Term Resistance at $170 But Bullishness Stays

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Near-Term Resistance at $170 But Bullishness Stays – Crypto News

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6 hours ago

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Summary:

  • Solana price is currently riding on Bitcoin’s momentum and action above the $160 mark will favour it to maintain upside traction.

Solana price rose to six-week highs on Friday but got rejected at the $170 mark, with the upside momentum weakening to trade at $164 as of this writing. The latest gains are primarily towed by market bellwether Bitcoin’s surge and the current market sentiment will likely provide support for SOL above $160 in the near-term. Institutional inclination towards Solana is growing, with the prospect of spot ETF approval helping to provide tailwinds.

In a recent development, consumer products firm Upexi is raising $200 million through a combination of stake and convertible notes to bolster its treasury. The Nasdaq-listed company begun accumulating SOL in April with a $100 million purchase and the latest move signifies its conviction of the coin’s growth prospects.

The resulting sentiment will likely permeate through the market and help the coin stay on the upside trajectory. Meanwhile, Robinhood announced the launch of the first Solana staking in the US, adding support to Solana price outlook.

Unlike in the past where the Solana blockchain suffered breakdowns due to network clogging, it has improved its efficiency and reliability this year, and hit an all-time high transaction record of 1,350 transactions per second. That augurs well for its attractiveness during the current market bull run. In addition, Solana’s Open Interest contracts rose in value by 3.3% in the last 24 hours to $3.9 billion, signifying growing investor confidence in the coin’s performance.

See also

Solana Price Prediction

Solana price pivot mark is at $161.60 and action abovethat level calls for further upside. The coin will likely rise further and encounter initial resistance at $165.50. However, a stronger momentum will clear that barrier and potentially rise higher to test the second resistance at $170.

On the other hand, going below $161.60 will invite the sellers to take control. That will see initial support established at $157.70. The upside narrative will be invalid below that level. Furthermore, an extended control by the sellers could take the action lower to test $153.90.

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