Solana Gearing Up for a Significant Upward Movement: Can SOL Price Make It to $175?

Following a brief upswing, the bulls have drained a bit, as the prices of popular tokens struggle to break through their respective resistance levels. Meanwhile, one of the altcoins, Solana, is maintaining an ascending trend and leading the gainer lists among the top 100 tokens within the market. Therefore, it suggests that the SOL price could maintain a healthy upswing for the rest of the day, which may help the rally reach the crucial resistance shortly. 

After a sustained period of growth followed by a retracement, the SOL price is now gearing up for a notable uptrend. The market indicators suggest that the crypto has undergone a necessary correction, which has now set the stage for a resurgence towards its previous all-time highs. Moreover, with investor sentiment being buoyant and the technicals suggesting a continuation of a bullish trend, the Solana price is believed to maintain a huge upswing and form a new ATH in the coming days. 

The daily chart of Solana appears to be extremely bullish as the prices have been printing consecutive bullish candles. However, the bears are utilising all their strength to restrict the price below the key resistance at $158. On the other hand, the technicals display a major transition that is fast approaching. The Bollinger bands have shown a bullish divergence, while the DMI, a trend indicator, is neutral. 

The ADX is heading towards the south and both the indicators, +Di & Di are going parallel, with an expectation of a bullish crossover. Therefore, the price is expected to maintain an ascending consolidation and reach the local resistance at $160, which also collides with the upper bands of Bollinger. This may also attract some bearish action but after a short-lived pullback, the Solana price is believed to maintain an ascending trend. 

Once this move is materialised and sustained, the SOL price may be at the neckline of the double-bottom pattern, and a minor bullish push could push the token towards new highs.