Solana (SOL) Gathers Strength: Can the Recent Bullish Spike Propel Prices Higher?

TheNewsCryptoPublished on 2025-12-29Last updated on 2025-12-29

Abstract

The cryptocurrency market cap has surpassed $3 trillion, with Solana (SOL) posting a modest 2.95% gain. After opening lower around $123.07, SOL broke through several key resistance levels, reaching a high of $129.30. Trading at $127.34 at press time, its market cap hit $72.05 billion, and daily trading volume surged over 143% to $3.8 billion. Technical indicators suggest a bullish outlook. The MACD line crossed above the signal line, indicating strengthening short-term momentum. The CMF value of 0.15 shows moderate buying pressure, and the daily RSI at 62.95 leaves room for further upward movement without being overbought. The Bull Bear Power (BBP) reading of 6.29 signals strong bullish dominance. If the bullish momentum continues, SOL could challenge the $129.51 resistance and aim for its recent high near $131. Conversely, a bearish turn could see the price drop toward the $125.34 support, potentially falling below $123.10. The market witnessed $10.92 million in SOL liquidations in the last 24 hours.

With the recent spike, the crypto market cap has climbed back above $3 trillion. Major tokens are charted in green, attempting to enter the steady bullish zone, while a few still hover in red. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are currently trading at $89.5K and $3K, respectively. Among the altcoins, Solana (SOL) has posted a modest gain of 2.95%.

The asset opened the day trading on the downside, at around $123.07, and after the brief bullish wave, the SOL price rose to a high range of $129.30. It has broken multiple key resistance zones between $124.36 and $128.74. If the altcoin continues to build on the recent surge, its price movement could unlock further upside.

Solana traded within the $127.34 level at press time, with the market cap touching $72.05 billion. Moreover, the asset’s daily trading volume has exploded by over 143.93%, reaching the $3.8 billion mark. As per Coinglass data, the market has witnessed $10.92 million worth of SOL liquidations during the last 24 hours.

Is Solana’s Bounce Built to Last?

The MACD line of Solana has crossed above the signal line, indicating a bullish outlook. The short-term price momentum is strengthening, and this can be an early sign of a potential upward move. Besides, the CMF value at 0.15 suggests a moderate buying pressure in the SOL market. Notably, the capital is flowing into the asset, not extremely, but it likely supports the bullish bias.

Solan’s 4-hour chart shows a positive trading pattern, with the price seeking to rise to the $129.51 resistance. If the bulls gained more traction, the price could move up to its recent high at around $131, with the golden cross emergence.

Conversely, a bearish turnover invites the Solana bears, and they could send the price toward the $125.34 support. With the formation of the death cross, it might drive the altcoin price to a low below the $123.10 range or even lower.

Furthermore, the daily RSI staying at 62.95 implies a healthy bullish sentiment. Solana is currently leaning toward the overbought zone, leaving enough room for further upward movement. SOL’s BBP reading, resting at 6.29, is pointing out a strong bullish dominance in the market. Significantly, if this momentum holds strong, it reinforces the case for continued upside.

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Related Questions

QWhat is the current market capitalization of the crypto market and how are major tokens performing?

AThe crypto market cap has climbed back above $3 trillion. Major tokens are charted in green, attempting to enter the steady bullish zone, while a few still hover in red.

QWhat was the opening price of Solana (SOL) and what key resistance levels did it break?

ASolana opened the day trading at around $123.07. It broke multiple key resistance zones between $124.36 and $128.74, rising to a high range of $129.30.

QWhat does the MACD line crossing above the signal line indicate for Solana's price outlook?

AThe MACD line crossing above the signal line indicates a bullish outlook for Solana, suggesting a potential upward move as the short-term price momentum is strengthening.

QWhat are the potential price targets for Solana if the bullish momentum continues versus a bearish turnover?

AIf the bullish momentum continues, the price could move up to its recent high around $131. Conversely, a bearish turnover could send the price toward the $125.34 support, potentially driving it below $123.10.

QWhat does the daily RSI value of 62.95 imply for Solana's market sentiment?

AThe daily RSI staying at 62.95 implies a healthy bullish sentiment. It indicates that Solana is leaning toward the overbought zone but still has enough room for further upward movement.

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