Solana’s SOL token is Bullish and Momentum Could Propel it Towards $35
Solana (SOL) is making significant strides in the cryptocurrency market, with the SOL token price surpassing the $30 resistance against the US Dollar. Riding high on a major rally, SOL price broke through the $28 resistance and is now trading above $29.20 and the 100 simple moving average (4 hours). The formation of a key contracting triangle with resistance near $32.10 on the 4-hour chart of the SOL/USD pair indicates possible strong gains if it clears the $32.10 and $32.75 resistance levels.
After establishing a solid base above $22.50, Solana initiated a fresh uptrend, gaining momentum as Bitcoin rallied above the $30,000 resistance. There was a sharp surge above the $28.80 and $30.00 resistance levels, peaking above the $32.50 level. If the SOL token price successfully surpasses the $32.75 resistance, it could trigger a larger increase, with the next major resistance lying near $35.00.
However, if SOL fails to surpass the $32.00 resistance, it may decline. The first major support is near the $28.00 level, with the $26.80 mark serving as support in the short term. Regardless, the overall outlook for Solana remains bullish, with the MACD and RSI for SOL/USD indicating a positive trend.
