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.
Have you read it yet? Dogecoin Foundation announces new updates
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
