• Solana (SOL) hit $160 after a brief spike of 1.68% in the last 24 hours.
• A token unlock event, unlocking $360.78 million worth of SOL, is scheduled in September.

Solana (SOL), the fifth-largest cryptocurrency by market cap, has drawn out its marginal gains. After a 1.68% spike, SOL chose a brief bullish rally for the day, breaking the previous resistance levels.

Over the last 24 hours, SOL managed to hit a high of $162. Despite the surge, the SOL price did not rise further and instead dropped to a low of 155. Currently, SOL is trading at $160. Amid this, SOL’s daily trading volume has dropped by over 23.80%, standing at around $2 billion, according to CMC data.

According to on-chain data, a whale has created a new wallet and withdrawn 3,175 SOL, worth approximately $508K. Notably, over the past 24 hours, Solana has experienced a $4.28 million liquidation, as per Coinglass data.

On the other hand, in August, the altcoin market recorded over $2.26 billion in token unlocks. While looking into September, the total altcoin unlocks is expected to exceed $2 billion again. An approximate $340 million worth of SOL was unlocked into the market this month. Solana anticipates unlocking approximately $360.78 million worth of SOL tokens in the next month.

Can SOL Continue Defending the Bears?

Evaluating the past month, Solana has declined by 8.92% and marked the monthly low at $112. When looking at the weekly price momentum, a steady spike above 12% is noted. SOL climbed from the $139 range to a high of $162.

Assuming SOL’s revival, the initial resistance could be at $168, and if the bullish sentiment sustains, the price will go high. Conversely, a strong bearish trajectory of SOL could take the price to immediate support at $153.

As per the 24-hour price chart, Solana’s daily relative strength index (RSI) stood at 57.57, indicating the asset’s presence in the neutral zone. Moreover, at the time of analysis, the token’s short-term 9-day MA and long-term 21-day MA were at $149 and $148 respectively, below the current price, as per TradingView data. This displays SOL’s brief slip into the bullish zone.