Solana Price Could Skyrocket to $160 Following This Bullish Squeeze

Solana’s (SOL) price has been in a phase of macro consolidation, fluctuating between $124 and $186 for some time. The key resistance level at $160 is critical for SOL’s price action in the near future. 

While some indicators point to a potential rise, the momentum may not be strong enough to push the altcoin beyond $160. However, market signals continue to suggest that a price surge toward this level is becoming increasingly likely.

Broader Market Cues Favour Solana

The market sentiment around Solana is currently leaning bullish, as the Bollinger Bands are tightening, a pattern that often signals a potential price rise. The candlesticks are positioned above the baseline of the Bollinger Bands, indicating upward momentum building in SOL.

Additionally, trading volume remains low, which can precede major price movements. This combination of factors suggests that Solana could soon experience a price jump, potentially pushing it closer to the $160 resistance level.

Read more: 11 Top Solana Meme Coins to Watch in August 2024

Solana Bollinger Bands. Source: TradingView

From a broader perspective, Solana’s macro momentum appears strong. The Moving Average Convergence Divergence (MACD) indicator shows a growing gap between the MACD line and the signal line, following a recent bullish crossover.

This widening gap is often interpreted as a signal of impending significant price movement. With Solana currently testing key resistance levels, such as $136, the widening MACD gap suggests that the altcoin could be poised for an upward trend in the coming days.

Solana MACD. Source: TradingView SOL Price Prediction: New Day, Same Range

Solana’s price is currently attempting to flip the $136 level into a strong support zone, having bounced off $124. If successful, this could provide the necessary momentum to push SOL upwards toward the critical $160 resistance level. 

Once the local barrier of $155 is breached, Solana’s price will be on track to reach $160. At this point, however, the price may halt its upward momentum and continue its macro consolidation within the defined range, unable to push beyond this resistance.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

Solana Price Analysis. Source: TradingView

There is also the possibility that Solana might fail to breach the $155 level, as it has done in previous attempts. If this happens and $136 does not hold as a support floor, a further drop to $124 could occur. This would invalidate the current bullish outlook and signal a need for caution among investors tracking SOL’s price trajectory.

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