Is It Too Late to Buy SOL? Solana Price Could Rally to $190 If the Resistance Keys Are Weakened

The Solana (SOL) price is in focus today, as it has surged 1%, with the SOL/USD trading at $146. Despite the slight price increase, its 24-hour trading volume is down 26% to $2.12 billion, suggesting a fall in market activity. Meanwhile, Solana’s price has plunged 2% in the past week and 2% in the past month. 

It is also up a whopping 500% in a year, underlining its credentials as the fastest-growing altcoin in the crypto market. This comes as SOL has aggregated all leverage future liquidations map.

#SOL aggregated all leverage future liquidations map pic.twitter.com/oIV35MuFdj

— TheKingfisher (@kingfisher_btc) August 14, 2024

Meanwhile, investors are showing a lot of interest in Solana, as they have booked long positions in the market. According to data from Coinglass, the long positions are comparably higher than the short positions. This suggests seller exhaustion, as the buyers could step into the market anytime soon, pumping the price of Solana. 

On the other hand, the LookOnChain firm has mentioned that the Pump.fun fee account sold 222,073 worth of SOL at $160 for 35.34 million USDC. This took place in the past three months as the total revenue of pump.fun is at 615,439 SOL, worth $89 million. 

The https://t.co/DrKlYnPPqY fee account sold 222,073 $SOL for 35.54M $USDC at $160 in the past 3 months!

The total revenue of https://t.co/C909I8882s is 615,439 $SOL($89M)!https://t.co/8Jozj9QYlc pic.twitter.com/SWTMJSBuva

— Lookonchain (@lookonchain) August 14, 2024

Solana Price Statistical Data

Based on CoinmarketCap data:

• SOL price now – $146
• SOL market cap – $68 billion
• SOL total supply –582 million
• SOL circulating supply – 466 million 
• SOL ranking – #5

Solana Bulls Aim for a Rally Above Resistance Keys

The Solana price is attempting an upward trend as the bulls target the $149 and $160 resistance levels. The SOL price dropped at the beginning of August from $162 to find support at around $143. Bulls then pushed the token back to the $146, forming a descending triangle pattern. SOL price bulls aim for a rally as traders capitalize on the pattern to stage a bullish trend over the upper trendline. 

The technical outlook indicates sellers might be exhausted, which may pave the way for the bulls into the market. Currently, the SOL price trades below the 50-day and 200-day Simple Moving Averages(SMAs). However, if the bulls step in and turn the $149 resistance into a support floor, the SOL price could rally above the next resistance at $160.

Notably, the Relative Strength Index (RSI) sits at 48, towards the 50-mean level. Meanwhile, its position below 70 indicates significant upside potential before SOL is considered overbought. Increased buying appetite would see the RSI jump to the 70-overbought zone.

On the other hand, the Moving Average Convergence Divergence (MACD) calls investors and traders to buy SOL. The momentum indicator has flipped above the signal line in orange, shifting SOL’s market from bearish to bullish. A subsequent break above the upper descending trendline would open the doors to an uptrend, where Solana deals with resistance between $149 and $160.

Will the Bulls Trigger an Upward Movement in the Solana Market?

In the 4-hour chart analysis, if the bulls manage to bring down the $140 and $160 hurdles, investors will start acclimatizing to gains and targeting highs above $180. Moreover, if the buyers initiate a buy-back campaign signaled by the MACD indicator, the SOL price could rally past resistance keys, with the bulls targeting $194.

In a highly bullish case, the Solana price could soar to $200. On the flip side, if the bears capitalize on the 50-day and 200-day SMAs, which indicate bearish prospects, the SOL price could drop. A breach below the $143 support level would see the price plunge to around $136.