Solana (SOL) has shown a strong uptrend in recent weeks. Currently, this digital currency is trading above the key resistance of $100 and in the range of $109.
On a broader scale, the overall crypto market has also experienced significant growth. For example, Bitcoin traded above the $50,000 level during the past week, and its price growth has affected many altcoins, including Solana.
Despite the recent growth of Solana's price, its trading volume has decreased significantly and reached 1.4 billion dollars. However, Solana's market value has increased to about 48 billion dollars, bringing it to the fifth place in the market.
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In the meantime, the Solana community is eager to invest in long-term positions and predict that the price of this cryptocurrency could rise.
If Solana's recent uptrend in market value continues, SOL price could challenge the $120 resistance level and then the $130 level.
Conversely, failure to overcome these critical levels can trigger a downward spiral. In such a scenario, the $90 level can be considered as a critical support for Solana.
Meanwhile, the moving average convergence-divergence (MACD) indicator shows a bullish signal and is above the signal line. The green MACD histogram also indicates increased buying activity.
On the other hand, the Relative Strength Index (RSI), which is close to the threshold of 50, depicts a balanced market. Directional Average Index (ADX) status also confirms this neutral stance.
Meanwhile, the 20-day EMA being above its 50-day counterpart suggests that Solana could be on the verge of an upside.
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