Solana's native token, SOL, has been on a continuous climb over the past three days, rising from approximately $180 to over $210. Grappling with the inability to surpass the previous low of $162.74, SOL stands at the 5th spot in the crypto market with a circulating supply of 441 million and a market cap exceeding $88 billion, indicating a promising outlook for further growth.

Anticipating Solana's Future Trajectory

With current hourly trading up by 6.25%, Solana is now hovering around $198 and has successfully surpassed the key hurdle at $195. Positioned above the 100-day moving average, a move upward may see SOL breaking through the critical resistance level of $210, potentially paving the way for a new peak for the cryptocurrency this year.

Analyzing chart trends alongside technical indicators like the Relative Strength Index (RSI) reveals a bullish momentum with the RSI line above 50, signaling continued positivity. Additionally, examining the Moving Average Convergence Divergence (MACD) indicator depicts a bullish sentiment as both the MACD line and signal line remain above zero.

Further market analysis using the bull vs. bear power histogram suggests a strong stance from buyers, underscoring the likelihood of an upward price surge. As momentum intensifies, Solana's potential to breach the previous resistance at $210.27 becomes apparent, hinting at the possibility of even loftier price movements driven by prevailing market demand.

Potential for Price Dip

However, failure to surpass the $210 resistance level could prompt a corrective movement towards SOL's initial support at $162. A subsequent drop below this key support level may trigger further decline, potentially initiating a bearish trend if the price fails to sustain this crucial support.