Solana Buying Pressure Keeps Surging

Solana is likely to cross above the upper boundary of the channel, as the price is showing bullish momentum and is supported by the 9-day and 21-day moving averages. The coin could rally towards the next resistance levels at $46.84 and $50.00, where it may face some selling pressure. However, if the buyers fail to sustain the price above the moving averages, the coin could drop towards the lower boundary of the channel, where it may find some buying interest.

The price is trading above the 50-day and 200-day exponential moving averages, which are acting as support levels. However, the price is also facing resistance at the upper boundary of a descending channel that has been forming since the all-time high of $216.40 on September 9, 2023. A breakout above this channel could signal a bullish reversal, while a breakdown below the 50-day EMA could indicate a bearish continuation.