Solana Price Surges 2.54% to $151.22 on Bullish Trend

Solana (SOL) is currently experiencing a bullish trend, with its price increasing by 2.54% in the last 24 hours, reaching $151.22. This upward momentum follows a recovery from the lowest weekly value of $126, indicating a strong upward trend. SOL is now trading above its 9-day and 21-day moving averages, forming a golden cross pattern. This technical signal is often associated with bullish trends and suggests that SOL could potentially rise to $172.51. The current trading zone places the lower support at $141.15, while the average mark is noted at $147.66. A push beyond this range could initiate a move toward the next resistance zone.

Despite the price increase, trading volume has decreased by 9.11% in the past 24 hours, settling at $3.19 billion. This decline in volume suggests a cautious approach by investors, but the price action indicates that sentiment is gaining strength. Analysts predict that the bullish setup would be confirmed by a surge in trading activity, providing further impetus for the price to move forward.

Chart analysis from various platforms shows that Solana may attempt to reach $164 in the near term. If the golden cross formation holds and market conditions remain favorable, the asset could hit $172.51, marking a 17.2% increase from its current price level. This bullish outlook is supported by data from exchanges, which indicates that traders are putting long positions on Solana, reflecting a positive sentiment in the crypto market.

The technical indicators and the golden cross setup suggest that Solana has the potential for further growth. However, the asset needs to move towards the expected resistance barriers with increased trading volume and market support to sustain this upward trend. The current price setup structure and market conditions indicate a bullish outlook for Solana, with the potential to reach new highs in the near future.