Solana's price has seen a considerable surge, driven by hype around the Breakpoint conference. This upswing could help SOL achieve a multi-month high.
Enthusiasm among traders is evident, as the funding rate hits a multi-week high. Long contracts are significantly outnumbering short contracts, indicating strong market confidence in SOL's upward momentum.
The MACD indicator also shows a bullish crossover for the first time in over 45 days, hinting that a prolonged bearish phase might be ending. This could further support Solana's positive price trajectory.
Over the past three days, Solana has gained 11.5%, approaching the $160 resistance level. If current bullish conditions persist, SOL might test the $186 resistance level, despite failing to breach the $160 barrier in previous attempts.
If Solana can't overcome the $160 resistance, the bullish outlook will be invalidated, potentially causing the price to decline to $138.
