The post Can Solana break the stubborn resistance at $165? What price analysis shows appeared on BitcoinEthereumNews.com.

Solana faced another rejection from the two-month highs. The buying was steady but did not reach breakout levels. Solana [SOL] was unable to clear the $163 resistance level on its third attempt since August. In the past two days, it saw short-term price volatility and is down by 3.4% since the local high at $161.8. Increased whale holdings and rising social media activity suggested a bullish outlook for Solana in the coming days. On the other hand, a drop in the spot demand could be an early sign of a deeper pullback. Solana price action remains bullish Source: SOL/USDT on TradingView The bulls were fighting for control of the mid-range level at $154, which coincided with the 50% retracement level. However, the trend was bullish in September, after the $140 resistance level on the lower timeframes was breached. The A/D indicator has steadily trended higher since July, a sign that buyers were stronger in the past three months. The daily RSI was also bullish. Yet, swing traders looking to go long will have to wait until the $162-$165 resistance zone is breached. Once this occurs, the bulls can target the range high of $187 next. Despite the bullish signals from the accumulation/distribution, the trading volume was still at the average of the past six weeks. The lack of volume as SOL approached a key resistance was a worry for holders. Coinalyze trends indicate heightened volatility Source: Coinalyze AMBCrypto found that the spot CVD has been falling over the past two days, coinciding with the pullback from $161.8. The increased selling near a resistance zone meant that the chances of a breakout were reduced in the short term. Read Solana’s [SOL] Price Prediction 2024-25 The funding rate was still positive, and the Open Interest trend was still upward. The dip affected…

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Filed under: News - @ October 1, 2024 4:18 pm