Solana Price Showing Signs of Recovery 📈
Solana price recently saw a significant drop below key levels similar to other major cryptocurrencies like Bitcoin and Ethereum. However, bulls stepped in after the price dipped below $120, leading to a low of $109 before a recovery wave began.
Following the recent uptrend, SOL managed to surpass both the $120 and $135 resistance levels. Additionally, the price broke above a crucial bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair, signaling a potential turnaround in the market sentiment.
Currently, Solana is trading above $145 and the 100-hourly simple moving average, indicating a positive outlook for the cryptocurrency. The next major hurdle lies near the $155 level, which could determine the course of its upward momentum.
Potential for Another Downturn in SOL? 📉
However, if SOL struggles to break above the $155 resistance area, there is a risk of another downward movement. In such a scenario, initial support is expected near the $140 level, followed by a more significant support level at $135.
A breach below the $135 support could potentially push the price towards $122. Further downside momentum might see SOL dropping to the $110 support in the short term, highlighting the importance of key support levels in the current market conditions.
Technical Indicators 📊
- Hourly MACD – The MACD for SOL/USD is showing bullish momentum, indicating a positive trend in the short term.
- Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is currently above the 50 level, suggesting a bullish sentiment among traders.
- Major Support Levels – $140 and $135.
- Major Resistance Levels – $155 and $166.
Hot Take: Stay Informed and Plan Your Moves Wisely 🚀
Keep a close eye on SOL’s price movements and the key resistance levels as they could dictate the next trend for the cryptocurrency. Stay informed about the market indicators and make strategic decisions based on the current market conditions to optimize your trading positions.
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