Solana Aims for $154: What Follows This Significant Breakthrough?

• Solana has regained a positive market structure.
• The two significant resistance levels above may trigger a trend reversal.

In September, Solana [SOL] experienced consistent buying interest. A recent analysis highlighted that the increasing spot CVD showed genuine demand, suggesting that the rally might be sustainable.

This has turned out to be accurate. Following a drop to $141.1 on Sunday, September 22nd, SOL has risen by 5.85%, trading at $149.3 at the time of writing. Additionally, technical analyst Peter Brandt expressed belief that the token could see a substantial rally after the consolidation period of the last six months.

Mid-range resistance challenges SOL bulls

Source: SOL/USDT on TradingView

For the last four months, Solana has fluctuated within a range from $122 to $186. The mid-range level at $154 represents the 50% retracement level derived from the rally during February and March.

This combination of resistance levels has made breaking through the $154 mark a challenge, yet the bulls are showing promise. The accumulation/distribution indicator has been trending upwards in September, underscoring persistent buying momentum.

Moreover, the daily RSI has moved above the neutral 50, indicating a shift in momentum. Thus, SOL is expected to break past $154.

A significant supply zone just above the key resistance

Source: Hyblock

Even if a daily session closes above $154, the challenge won’t be completely resolved. The price chart indicates that local highs from the past two months were recorded between $160 and $163.

Read Solana’s [SOL] Price Prediction 2024-25

AMBCrypto studied the liquidation heatmap and discovered a cluster of liquidation levels in the $162-$166 region. This area will likely pull Solana prices toward it before triggering a bearish reversal.

Consequently, until the $165 mark is surpassed, bulls should remain cautious. More risk-averse investors might consider taking profits at $154 and $160, remaining on the sidelines until the $165 hurdle is overcome.

Disclaimer: The information provided does not serve as financial, investment, trading, or any form of advice and reflects solely the author’s opinion.