Solana (SOL) has been on an upward trajectory, gaining 1.77% in the last 24 hours. With buyers showing strength over sellers, many traders are wondering whether this momentum can carry SOL to new highs by the end of the week.
SOL/USD: Key Resistance and Potential Breakout
At the moment, SOL is trading near the local resistance of $127.03. If the daily candlestick closes at or above this level, it could signal further growth, potentially pushing SOL toward the $130 mark in the short term. However, for a sustained rally, bulls need to maintain control and prevent a pullback below key support levels.
Midterm Outlook: A Path to $140?
From a broader perspective, the market remains in sideways consolidation, as neither bulls nor bears have taken clear dominance. Recent price action suggests a false breakout of the $116 level, which could indicate a potential move toward the $140 range by the end of March, provided buyers sustain momentum.
Currently, SOL is trading at $126.46, and a decisive move above $130 could set the stage for further bullish action. However, if momentum weakens, Solana might retrace toward $120-$122 before attempting another breakout.
Conclusion
Solana’s short-term outlook appears bullish, with buyers slightly stronger than sellers. If SOL maintains its position above $127.03, a push toward $130 seems likely, with an extended target of $140 by the end of the month. However, continued sideways movement could keep SOL in the $120-$130 range until a clear trend emerges. Traders should watch the weekly close for confirmation of the next major move.
