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Solana price is up by nearly 4% today, April 19, and traders are now eyeing the next bullish leg to $200. However, for SOL to hit this psychological level, it first needs to flip resistance at $150, and the recent liquidations of $1M sell orders suggest that the altcoin may be ready for this rally.
Solana Price Rallies As It Obliterates $1M Sell Wall
Solana price is recovering after breaking past a key resistance zone at around $138. This rally led to liquidations of $1M, as depicted by the SOL liquidation heatmap. After clearing this sell wall, Solana now looks primed to bounce to $150 if buyers maintain control.
Data from Coinglass further shows that the recent surge in buying pressure around Solana also occurred after more than $13M in short liquidations. The closure of these short positions caused a spike in buying activity, which created the buy-side demand to meet the selling pressure from the limit sell orders.
As more short positions are liquidated as the Solana price rallies, it makes a bullish case for this altcoin, suggesting that the uptrend may be sustained.
Solana Technical Analysis as SOL Eyes $150
Solana price is trading within a high value area between $126 and $170. If SOL sustains the uptrend and holds levels above $138, it could result in an uptrend to the PoC line of $142. Making a decisive close above the $142 will push the altcoin past $150 to $183.
At the same time, SOL remains under bearish pressure and risks facing rejection at $138 again if buying pressure is insufficient to absorb selling demand. Being rejected here could lead to the Solana price retesting support at $126.
If the downtrend continues and SOL fails to hold support at $126, it will flip the market structure to bearish and accelerate the downtrend to $100. Breaking the psychological level of $100 will then push SOL to $74.
Network Activity Makes Bullish Case for SOL Price
The Solana blockchain has recorded a significant uptick in activity, further making the case for a bullish Solana price prediction. Data from DeFiLlama shows that the market cap of stablecoins on the SOL network has surged to $12.72 billion after increasing by more than $170 million within seven days.
At the same time, data from DappRadar shows that Solana dApp volumes have increased by 16% in the last seven days to $852 million. This further highlights that the Solana network is recording massive adoption, which may precede gains in the price.
Considering these factors, it is likely that the Solana price will soon rally to $150 amid a surge in buying activity and blockchain usage. However, for SOL to sustain this uptrend, it needs to make a decisive close above $138 and move above the PoC of $142 to rally to $183.
The post 4% Solana Price Rally Obliterates $1M Sell Wall, Is $150 Next? appeared first on CoinGape.
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