Solana is one of the few cryptocurrencies that is making higher highs right now, but the key resistance awaits.
While market leaders such as Bitcoin or Ethereum are in a correction mode, Solana has consistently made higher highs since early August. This has allowed it to consolidate the support at $185 and allowed buyers to aim for the key resistance at $227. At the time of this post, SOL is found at $210.
A look at the volume profile shows buyers have been aggressive lately, despite several attempts from sellers to stop this uptrend. It could be that money is rotating from Ethereum to Solana, which can explain this recent strength and is also visible on the SOL/ETH pair, where Solana has outperformed since late August.
The weekly MACD shows a clear uptrend with the histogram making higher highs. The moving averages are also expanding, which indicates that the bullish momentum is intensifying. This is likely to continue until the key resistance at $227, where sellers could return.
