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Will Solana Price Hit $160 Soon?
- Solana (SOL) is gaining fresh attention in the crypto market as price action heats up after an extended consolidation period.
- After stagnating near $100, Solana is showing strength due to renewed buying interest, market recovery sentiment, and positive technical signals.
- The daily chart indicates SOL crossing its moving averages and closing around $134.69, with Heikin Ashi candles showing continuous buyer control.
- The larger crypto market stabilization creates a supportive environment for SOL to attempt a reversal, with signs that the worst of the downtrend may be over.
- Solana faces a crucial resistance at $140, and breaking above it could lead to a surge towards $160 region, with the 200-day moving average at $181 remaining a key barrier.
- The hourly chart shows a short-term bullish structure with Solana forming higher lows and higher highs, trading comfortably above key intraday moving averages.
- Maintaining resilience around $134.65, Solana could test $138 to $140 in the short term, with a move above $136 signaling a solid long entry setup.
- Solana's trajectory depends on clearing the $140 resistance level convincingly, aiming for the $160 to $165 range, indicating a potential shift in sentiment with institutional inflows.
- If SOL fails to sustain above $134–$135, a retracement towards $120 is possible, but as long as it holds above $130, the bias remains cautiously bullish.
- Solana is showing signs of a bullish breakout, but caution is advised with the 200-day SMA still above, making the $135–$140 zone crucial for determining the Q2 trajectory.
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