bullish

Solana

<ul> 
 <li>Solana (SOL) hit $160 after a brief spike of 1.68% in the last 24 hours.</li> 
 <li>A token unlock event, unlocking $360.78 million worth of SOL, is scheduled in September.</li> 
</ul> 
Solana (SOL), the fifth-largest cryptocurrency by market cap, has drawn out its marginal gains. After a 1.68% spike, SOL chose a brief bullish rally for the day, breaking the previous resistance levels. 
Over the last 24 hours, SOL managed to hit a high of $162. Despite the surge, the SOL price did not rise further and instead dropped to a low of 155. Currently, SOL is trading at $160. Amid this, SOL’s daily trading volume has dropped by over 23.80%, standing at around $2 billion, according to CMC <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noreferrer noopener nofollow">data</a>. 
According to on-chain data, a whale has created a new wallet and withdrawn 3,175 SOL, worth approximately $508K. Notably, over the past 24 hours, Solana has experienced a $4.28 million liquidation, as per Coinglass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">data</a>.&nbsp; 
On the other hand, in August, the <a href="https://thenewscrypto.com/are-altcoins-gaining-traction-amidst-bitcoins-selling-pressure/" target="_blank" rel="noreferrer noopener">altcoin</a> market recorded over $2.26 billion in token unlocks. While looking into September, the total altcoin unlocks is expected to exceed $2 billion again. An approximate $340 million worth of SOL was unlocked into the market this month. Solana anticipates unlocking approximately $360.78 million worth of <a href="https://thenewscrypto.com/brazilian-regulator-greenlights-second-solana-etf-this-month/" target="_blank" rel="noreferrer noopener">SOL</a> tokens in the next month.&nbsp; 
<h3 class="wp-block-heading" id="h-can-sol-continue-defending-the-bears">Can SOL Continue Defending the Bears?</h3> 
Evaluating the past month, Solana has declined by 8.92% and marked the monthly low at $112. When looking at the weekly price momentum, a steady spike above 12% is noted. SOL climbed from the $139 range to a high of $162.&nbsp; 
Assuming SOL’s revival, the initial resistance could be at $168, and if the bullish sentiment sustains, the price will go high. Conversely, a strong bearish trajectory of SOL could take the price to immediate support at $153.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfOyC0qlm362Nqra_r9HC-6zMDktOyK_JD0eLvFYBpAFMHXTOlLeSV3-F87A1Vf0Z8HxalOsR7Kj_-CQ7jj5S1CGZwmVAzGlCPxGaBiwm-bl67mGTNQ0n7z3IISUO5tiSY9M4DQfgEOnXPAV7stpklrMEw?key=KXsc6RMCyKpLpkT_ETfO7g" alt="">
 <figcaption class="wp-element-caption">
 SOL price chart (Source: <a href="https://in.tradingview.com/symbols/SOLUSD/?exchange=BINANCE" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div> 
As per the 24-hour price chart, Solana’s daily relative strength index (RSI) stood at 57.57, indicating the asset’s presence in the neutral zone. Moreover, at the time of analysis, the token’s short-term 9-day MA and long-term 21-day MA were at $149 and $148 respectively, below the current price, as per TradingView data. This displays SOL’s brief slip into the bullish zone. 
Highlighted Crypto News&nbsp; 
<a href="https://thenewscrypto.com/are-justin-suns-wbtc-withdrawals-a-strategy-or-a-warning-sign/" target="_blank" rel="noreferrer noopener">Are Justin Sun’s WBTC Withdrawals a Strategy or a Warning Sign?</a>

Is Solana (SOL) Flashing Signals of a Bullish Breakout Ahead?

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