Will Solana (SOL) Face Potential Correction After Hitting $165 Level?

• Solana’s market price has shown bullish movements in the last seven days. 
• The token showed a 33.18% increase in daily trading volume according to CMC data.

The overall crypto market witnessed a slight dip in both market cap and trading volume in the last 24 hours. Leading cryptocurrencies, Bitcoin and Ethereum also showed mild price dips after the recent bullish trends. Meanwhile, the second largest altcoin, Solana, showed bullish movements crossing the resistance levels, at the $160 level. 

According to CMC data , Solana has shown a price increase of 2.05% over the past day. In the late hours of July 18, the token was trading at $158, before witnessing a price dip. On July 19, prices dipped to an intra-day low of $156.07. 

However, as the day progressed, SOL exhibited bullish candles and surpassed resistance at $160. At the time of writing, the token is trading at $162.87. Additionally, Solana’s daily trading volume also noted an increase of 33.18%. 

Moreover, the current bullish turn is further highlighted by the MA cross that occurred on July 15. Solana’s short-term 9-day MA stands above the long-term 21-day MA as per TradingView reports . Additionally, in line with expectations, this has instigated a buying sentiment in the market as indicated by the RSI standing at 61.09. 

SOL/USDT Daily Price Chart (Source: TradingView )

Solana has shown notable price recovery signs in the past week after the market crash in July. Additionally, market speculations about a spot Solana ETF have risen. Prominent ETF issuers such as VanEck have begun filings for the ETFs with the SEC. 

Solana (SOL) Weekly Price Analysis

In the last seven days, SOL has taken a bullish turn climbing from its previous support level of $135. The token broke resistance at the $140 and $160 levels to reach current trading levels with a 19.92% increase in market price. Moreover, the token’s HMA ($163) stands closer to the current trading price denoting the bullish turn. 

Solana, in the coming months, is expected to reach higher trading levels following the weekly breakout, according to market analysts. Additionally, TheNewsCrypto analysts have predicted that in case of a bullish trend sustenance and market momentum, the token might reach a bullish price near the $400 level. 

Highlighted Crypto News Today: 

Did the CrowdStrike Outage Impact the Crypto Space?