Solana (SOL) has once again approached a key resistance level, and market sentiments suggest that investors are ready for further gains. The latest Solana quotes show that despite some obstacles, this cryptocurrency continues its upward trajectory.
Over the past 24 hours, Solana has risen from a support level of $22 to $25, which has twice in the past stopped its further growth. This fact underscores the significance of this level for potential full-fledged growth.
Will it manage to clear this hurdle on the third attempt? The answer to this question may depend on Bitcoin’s [BTC] movements and its ability to break through $29.5k.
Over the past day, Solana reached resistance at $25.3. Despite a slight drop, its overall trend remains upward, which is also confirmed by the positive reaction at the $22 support level.
The Chaikin Money Flow (CMF) indicator shows increased capital inflows and significant momentum. Meanwhile, the Relative Strength Index (RSI) has rebounded above the neutral level of 50, indicating existing demand for SOL.
Although all these signals suggest that this resistance level can be overcome, sellers should not be underestimated given the previous price fluctuations.
However, the belief in its growth potential is also evident in the derivatives market. According to data from Coinalyze, open interest increased by 7.26% over the past day, suggesting investors are more inclined to buy.
While Solana’s future is hard to predict, current market indicators and the dynamics of demand and supply suggest we are approaching a key moment for this cryptocurrency. Time will tell if SOL can break through the key resistance level.
