Key point:
Liquid Collective introduced a liquid staking token on Solana (SOL), in partnership with Coinbase, Kraken, Galaxy, Anchorage Digital and Fireblocks. The Liquid Staked SOL (LsSOL) will cater to the rising institutional interest in the network in anticipation of SOL-based exchange-traded funds (ETFs) receiving US regulatory approval.
Could growing demand among professional investors propel SOL above the overhead resistance? Let’s analyze the charts to find out.
SOL price prediction
SOL completed the inverse head-and-shoulders pattern with a break above $159 on Thursday, and the bulls successfully held on to the level during the retest.
The 20-day exponential moving average ($157) has started to turn up, and the relative strength index (RSI) has risen close to the overbought zone, signaling that the path of least resistance is to the upside.
If buyers maintain the price above $168, the SOL/USDT pair could ascend to the overhead resistance at $185. Sellers are expected to vigorously defend the $185 level because a break above it could catapult the pair to $210.
This optimistic view will be negated in the near term if the price turns down and breaks below the moving averages. The pair may then drop to $144 and later to $137.
Related: Bitcoin digests US PPI win with $120K liquidity grab on bulls' radar
The bulls thwarted attempts by the bears to pull and maintain the price below $159. That suggests the $159 level has been flipped to support. Buyers strengthened their position further by pushing the price above $169. The pair could soar to the $180 to $185 resistance zone.
Time is running out for the bears. They will have to quickly tug the price below the $169 level to trap the aggressive bulls. That may sink the pair to $159. The trend will tilt in favor of the bears on a break below $155.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
