Solana outperformed the cryptocurrency market last week, rising almost 10%. Despite this SOL price run-up, experts believe altcoin's technical signs suggest additional growth.
First, Solana's Relative Strength Index (RSI) has dropped from overbought to 61, indicating no major selling pressure. Pumpfun, a major Solana app, is also boosting ecosystem development and user engagement.
A cooling RSI and a Pumpfun metrics spike might drive future price hikes. In two days, the RSI declined from nearly 70 to 61. Overbought assets with an RSI over 70 are likely to retreat.
The RSI is below the crucial barrier, suggesting the price may continue rising without imminent selling pressure.
The SOL price is above all EMA lines, indicating bullish momentum. The short-term EMA provides an instant support, indicating that buyers are aggressively buying amid slight pullbacks.
SOL might reach $194.04, its highest price since July, if it breaks $182.46. Support levels around $165.37 and $147.55 are crucial for the rise.
Based on the EMA setup and support and resistance zones, the bullish trend continues with upward potential provided purchasing momentum sustains.
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