- If the price manages to go past $150 level, then it will likely test $160 resistance level.
- At the time of writing, SOL is trading at $145.36, down 1.02% in the last 24 hours.
Solana (SOL) has been drawing a lot of attention recently thanks to an upswing in positive social media sentiment, and the cryptocurrency industry as a whole is showing signs of rebound. Unverified reports that IT giant Apple is considering launching a project on the Solana Blockchain have piqued the interest of traders.
There were five favorable remarks on Solana for every negative comment on social media on October 11, according to Santiment statistics. In the previous three weeks, this degree of positivity has not been seen before.
Breakout in Either Direction Likely
The fact that the price of Solana has stayed over $140 indicates that it is becoming more resilient. In the next few weeks, traders will be watching to see whether the price of Solana (SOL) continues consolidation or if it regains momentum and heads above the $150 mark.
Not only that, but it has been trading within the same symmetric triangular pattern in the Solana price trend since September. When looking at the altcoin’s price behavior from a long-term perspective, this shows that it is weak.
At the time of writing, SOL is trading at $145.36, down 1.02% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 6.86%. The price found support at $135 level recently, after facing severe selling pressure. However, bulls quickly drove the price up and it is now consolidating in the $143-148 range.
If the price manages to go past $150 level, then it will likely climb further to test $160 resistance level. However, if the bears drive the price below $143 level, then it will likely test $135 support level.
