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Solana (SOL), the sixth-ranked cryptocurrency asset by market capitalization, is flashing bullish signals, as indicated by its Bollinger Bands. The current Bollinger Bands trend reveals that Solana has strong potential to break through the $160 price level and beyond.
Solana’s Bollinger Bands point to $164 breakout
Solana’s lower Bollinger Bands are currently set around the $133 price level, with the middle band at $145. Meanwhile, according to CoinMarketCap data, in the last 24 hours, SOL’s value climbed from a low of $131.16 to a peak of $146.60.
This signals that the coin has just lifted off the middle Bollinger Band. Given Solana's technical indicators, the asset appears on an ascending path. If Solana sustains the current trajectory and forms support around the middle band's level, the coin could hit the upper Bollinger Band within the $164 price mark.
However, Solana’s middle band is forming resistance after the price staged a bullish boost after falling to the lower Bollinger Band. Despite the price rising to $146 in earlier trading sessions, the resistance has caused a slight pullback of the market.
If SOL can clear this middle resistance level, it could target the upper band, positioning Solana for a bullish rally. Conversely, if Solana fails to break above this level, it could lose gains unless trading volume stays up.
As of press time, the Solana price was changing hands at $145.13, representing a 7.66% increase in the last 24 hours. Meanwhile, volume has spiked by a significant 37.95% to $5.76 billion.
Solana bullish case heating up
When Solana’s trading volume records a massive uptick, it usually supports price growth, and this current development might catalyze SOL to hit the upper Bollinger Bands. The last time Solana volume spiked by 92%, it triggered an 8% increase in price.
Another factor that could support price gains is the recent prediction by Polymarket traders of the possible approval of a Solana ETF, possibly in July. As per the platform, Solana ETF approval odds have hit 76%.
Vladislav Sopov
U.Today Editorial Team