The post Solana Price Analysis: Can the SOL Price Break Through the Next Major Resistance Level of $145? appeared first on Coinpedia Fintech News

Solana can be considered one of the cryptos that have made a fine comeback from being dead at times to one of the top performers. The price has been rising since the beginning of the quarter and has been forming constant bullish candles without allowing the bears to carry out their action. The buying volume has accumulated, which suggests the SOL price will maintain a healthy upswing for the days to come.

The Solana price has been mirroring a similar price action as Bitcoin, which laid down a fine recovery from levels below $15,000 to the current price zone above $44,000. The SOL price has now reached the levels it last traded at in August 2022, indicating the bulls are holding a tight grip over the rally.

With the recent price action, it is evident that the SOL price is trying hard to undergo a parabolic recovery and reach the neckline of $100. The price is testing one of the pivotal levels at $76.33 and is expected to break above the region anytime from now. In the long term, the next resistance lies around $100, and the interim resistance that falls in between does not possess the required strength. Therefore, in the event of an extended bearish action, the token may form a strong support base around $76, which may further trigger a strong rebound. 

Apart from this, Solana is also grabbing more attention in the NFT space as it outshines Bitcoin and Ethereum. In a recent update, the Solana chain has outperformed Bitcoin and Ethereum in terms of NFT sales, with a huge rise of over 30% in the last 24 hours. The growing popularity and the current chart pattern & technical specifications suggest the token to maintain a healthy upswing and eventually reach the pivotal price level of $145 somewhere in the first quarter of 2024.

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Filed under: Bitcoin - @ December 9, 2023 7:32 am