 has a successful future ahead of it and is prepared for a potential surge.){kind=link}
Solana ($SOL) has a bright future ahead of it, according to analyst Ali Martinez, who believes the cryptocurrency is ready for a possible rise.
Martinez claims that Solana is now trading at the lower boundary of its channel, which has historically been a reliable level of support. Because of its location, the $140 resistance level is a crucial short-term target for $SOL.
Technical chart patterns that demonstrate Solana’s prior ability to recover from the lower channel boundary form the basis of Martinez’s study. If $SOL exhibits upward momentum and is able to maintain above this support level.
The prediction comes at a time when Solana is trading down at $129.06, falling 3.29% as compared to the same time last day.
$SOL’s $140 Level: Why is It Important?
The price level of $140 is important for Solana because it is a major obstacle to future price movement, and breaking through it could pave the way for even greater gains.
Analysts anticipate a potential spike toward $140 as Solana ($SOL) is already exhibiting indications of likely short-term price rise. Recently, Solana bounced back from the lower support level of its channel and is now setting up for an upward advance.
Also Read: US SEC Acknowledges Franklin Templeton’s Spot Solana ETF Proposal, $SOL Price Pump Ahead?
Solana’s Upwards Movement: What Can Support It?
Demand is still being driven by Solana’s increasing presence in the blockchain and decentralized finance (DeFi) ecosystems, which also affects its short-term price expectation.
More trading activity and a more optimistic outlook for the market may arise as more projects and developers adopt Solana’s quick and scalable network.
Breaking through $140, a critical resistance level, is still the biggest obstacle, though.
There may be more bullish momentum if Solana can overcome this. Investors and traders will be keenly monitoring Solana to see if it can continue on its rising trajectory or if any market pullback would hinder its advancement.
Also Read: Solana’s Daily Transaction Fees Plunge To $648K On March 9, Down From $33M On January 19
Solana Technical Indicators: What Do They Say?
Technical indicators for Solana ($SOL) are currently displaying a mixed picture, with both bearish and positive signals.
A short-term decline is possible as the Relative Strength Index (RSI) approaches overbought territory. Though it is still in positive territory, the Moving Average Convergence Divergence (MACD) indicates that momentum is increasing.
Further upward action is possible if the $140 resistance is broken, as Solana is trading above important support levels. The short-term bullish prognosis is further supported by the overall upward trend displayed by moving averages, especially the 50-day and 200-day MA.