Solana Hits $170, Bullish Channel Formation Indicates Possible Rally

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The story "Solana Hits $170, Bullish Channel Formation Indicates Possible Rally" was covered 15 hours ago by NewsBTC, a news publisher based in United Kingdom.

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Solana Hits $170, Bullish Channel Formation Indicates Possible Rally - NewsBTC

Quick Summary:

This recent market behavior happens after a period of a potential rally that has previously pushed the price of SOL above the $170.27 level. As the price of this digital asset continues to trend within the channel, the question remains whether bulls will regain control and push the price above the bullish channel or will the bears maintain their dominance and drive the price below it.

Key Levels To Watch In The Event of A Breakout Considering the current positive rebound at $170, if the price of Solana breaks and closes above the upper boundary of the bullish channel, it may continue its rally toward the $188 resistance range.

Technical Examination On The Current Price Movement Of Solana On the 4-hour chart, Solana’s price is currently above the 100-day Simple Moving Average (SMA), suggesting a potential resurgence of bullish momentum for SOL.