Solana (SOL) is demonstrating signs of recovery as the altcoin steadily climbs towards the critical $137 mark. Following recent fluctuations, the cryptocurrency is experiencing a resurgence of bullish momentum, testing the resilience of ongoing bearish resistance.
This rebound underscores the potential for Solana to overcome recent hurdles and breach key resistance levels. As the bulls gain strength, the focus now shifts to whether this upward momentum can be sustained or if the bears will reassert control, hindering the rally.
As SOL approaches this pivotal level, this article delves into the prospects of Solana maintaining its upward trajectory and overcoming existing bearish pressures. We will analyze recent price movements and key technical indicators to provide insights into the cryptocurrency’s potential direction.
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Solana’s Push Toward $137 Amidst Shifting Sentiment
On the 4-hour chart, Solana is currently exhibiting significant bullish momentum, moving towards the $137 mark and forming a positive candlestick after rebounding from $118. This upward trend suggests increasing buying interest and a shift towards optimistic market sentiment.
Still focusing on the 4-hour chart, the Relative Strength Index (RSI) stands at 43% and is attempting to climb towards the 50% threshold. This movement indicates that the bullish momentum is gaining traction, signaling a potential shift from the oversold zone. If the RSI successfully breaches the 50% mark, it could trigger strong buying pressure, supporting Solana’s upward move toward $137.
Furthermore, Solana is displaying promising signs on the daily chart as it targets the $137 level despite trading below the 100-day Simple Moving Average (SMA). The formation of a bullish candlestick indicates potential upward movement, suggesting that the cryptocurrency might gain momentum and push higher, even while positioned beneath the key moving average.
Finally, the 1-day RSI shows that Solana might extend its current rebound as the signal line, which is currently at 34%, shows signs of rising towards the 50% mark. This upward attempt implies that SOL might regain bullish strength as it progresses.
Potential Scenarios For SOL’s Price Trajectory
As Solana aims for the $137 level, several scenarios could shape its price trajectory. If the bullish momentum continues and the cryptocurrency manages to break above this level, it could signal a strong rally, potentially pushing SOL towards the $164 resistance range and beyond.
Conversely, if the resistance at $137 proves too strong and bearish pressures reassert, SOL could face a rejection that drives its price back to the previous level of $118, possibly testing lower support zones.
At the time of writing, SOL was trading around $127, showing a 0.72% decline. The cryptocurrency boasts a market capitalization of over $59 billion and a trading volume of $3.5 billion. In the past 24 hours, SOL’s market cap has decreased by 0.56%, while trading volume has experienced a significant increase of 84.18%.
Overall, the coming days will be crucial in determining whether Solana can maintain its upward momentum and break through the key resistance levels, or if bearish pressures will dominate, affecting the cryptocurrency’s short-term outlook.
