Is Solana Ready to Reclaim Higher Ground Amid Bullish Momentum?

Solana (SOL) is currently trading around $155 after experiencing a significant surge in volume. Trading volume for SOL has risen by over 91% to reach $5.54 billion, as the crypto market rallied following recent positive developments including the Fed’s decision and Trump’s trade deal announcement. This surge comes after Solana broke through a period of bearish resistance. The asset began trading at $144.88 before surging towards its current price point of $155.42. 5.60% gains for SOL are the most recent sign of this market strength. However, there’s debate about whether this momentum will continue. Could Solana sustain this upward trend? The four-hour price chart suggests a potential golden cross, with Solana potentially climbing to $158.66 if bullish pressure continues. Resistance could be near the $165 mark, but bears could push prices down towards the support zone at $149.73. A significant sell-off below this level could trigger a deeper market decline. Solana’s MACD and CMF indicators offer insight into the current market sentiment.** The crossover of the Moving Average Convergence Divergence (MACD) line over the signal line indicates bullish momentum, while the Chaikin Money Flow (CMF) at 0.16 suggests moderate buying pressure. The daily relative strength index (RSI) is at 69.11, indicating that Solana may be nearing overbought territory. The Bull Bear Power (BBP) value of 11.23 supports the bullish outlook, but a potential reversal or breakout could occur if this momentum wanes. SOL’s price action and technical indicators are worth watching as it navigates this bull market.