Solana is gaining traction amid a general decline in cryptocurrency prices. Despite corrections in major coins like Bitcoin and Ethereum, Solana shows steady growth.
Strong Uptrend Defies the Market
While Bitcoin and Ethereum are in a correction mode, Solana has consistently made higher highs since early August. This has allowed it to consolidate support at $185 and aim for the key resistance at $227. At the time of this post, SOL is found at $210.
Sustained Buying Pushed the Price Higher
A look at the volume profile shows buyers have been aggressive lately, despite several attempts from sellers to stop this uptrend. It could be that money is rotating from Ethereum to Solana, which can explain this recent strength and is also visible on the SOL/ETH pair, where Solana has outperformed since late August.
Bullish Momentum Intensifies
The weekly MACD shows a clear uptrend with the histogram making higher highs. The moving averages are also expanding, which indicates that the bullish momentum is intensifying. This is likely to continue until the key resistance at $227, where sellers could return.
Solana showcases strong dynamics despite a general downturn in market prices. Analysis indicates continued growth is possible, though sellers may react at the $227 level.
