SOL/USD Daily Chart (Coinbase) – Source: TradingView
In addition, the launch of multiple Solana corporate treasuries has also raised awareness of the network’s ability to compete with Ethereum. Although the latter is still the indisputable market leader in the DeFi and RWA segments, the former has proven that it can deliver on its promises of fast and low cost transactions with no network downtimes.
The daily chart shows that SOL has managed to stay above $155 despite the latest price swings. The price has failed to take off from this level as market participants seem to be accumulating tokens.
This favors a bullish outlook at a point when the U.S. government shutdown seems to be coming to an end. Once a deal is officially announced, cryptos could skyrocket as a long list of exchange-traded funds (ETFs) could soon hit the trading floor.
The Relative Strength Index (RSI) seems poised to send a buy signal. If it rises above the 14-day moving average and the mid-line, that could mean that positive momentum is picking up its pace again.
A break above $190 would confirm that SOL is getting ready for its next leg up. This would mean a bullish breakout above the 200-day exponential moving average (EMA) as well, meaning that the price trend has reversed.
Trading volumes in the past 24 hours stand at nearly $6 billion. When daily volumes hit or surpass the $10 billion, it typically means that SOL is on the move.
Bullish Breakout Above $164 Would Create Attractive Trading Opp
Heading to a lower time frame, the $150 area has already acted as a bouncing pad three times, but it has not managed to change the price’s trajectory in any of those occasions, at least not meaningfully.