Solana is finally showing signs of recovery as it steadily moves toward the important $137 level.
After some ups and downs, SOL is gaining bullish momentum and challenging the ongoing bearish resistance.
Charge!
A TradingView user, Owiescott8 shared an analysis for SOL, and looking at the 4-hour chart, it semms Solana is lamenting on a bigger-ish upside move, despite trading below the 100-day Simple Moving Average.
After bouncing back from $118, it’s forming a positive candlestick as it approaches the $137 target.
This movement could means growing buying interest and a more optimistic market attitude.
The RSI is at 43% and is trying to rise toward the 50% level. If the RSI can cross above 50%, it could create stronger buying pressure and help push Solana further toward $137.
On the daily chart, the signs are also quite optimistic. Solana continues to show good signals as it inching towards for the $137 level, even while trading below the 100-day SMA.
The formation of a bullish candlestick suggests that the cryptocurrency might gain momentum and push higher, despite being below this key moving average.
The 1-day RSI also indicates that Solana could extend its rebound, with the signal line currently at 34% and showing signs of rising toward 50%.
This upside movement hints that SOL might regain its bullish strength as it progresses.
Solana’s price movement, to the Moon, or Goblin town?
As Solana targets the $137 level, several scenarios could influence its price direction.
If the bullish momentum continues and the cryptocurrency breaks above this level, it could start a strong rally, potentially pushing SOL toward the $164 resistance area or even beyond.
That would be good. On the other hand, if the resistance at $137 proves too strong and bearish pressures return, SOL will pretty likely face a rejection that sends its price back to the previous level of $118, possibly testing lower support areas. Tht would be not good at all.
Solana trading volume on fire
At the time of writing, SOL was trading around $130, showing a just tiny decline. It has a market capitalization of over $59 billion and a trading volume of $3.5 billion.
In the past 24 hours, SOL’s market cap also decreased by 0.56%, while trading volume has seen a really big increase of 84.18%, almost the double of the day before yesterday’s.
The coming days will be undoubtedly important for the traders to getting know what’s next, how the market going forward.
