This article is available in Spanish.
Solana (SOL) has recently retreated to the $137 level, a key point that could dictate the market’s next move. As the cryptocurrency tests this resistance, market participants are keeping a close eye on whether the bears will seize the opportunity to drive down prices, or whether the bulls will. capitalize on this pullback to ignite a outbreak.
This article aims to analyze Solana’s recent pullback to the $137 level and assess whether the bears can regain momentum to drive the price down or whether the bulls will take advantage of this moment to engineer a breakout. By examining the key technical indicators, market sentimentAnd potential scenarios, we want to give traders and investors a comprehensive view of SOL’s next possible steps and what to look out for at this crucial stage.
Currently, Solana is trading at around $135, which reflects an upside of 4.66%. The cryptocurrency has a market a capitalization of over $63 billion, with a trading volume of over $2 billion. Over the past 24 hours, Solana’s market cap has grown by 4.70%, while trading volume has fallen by 6.89%.
Market Overview: SOL’s recent move to $137
On the 4-hour chart, Solana has risen significantly optimistic momentum, towards $135 and forming several positive candlesticks just below the 100-day Simple Moving Average (SMA). This upward movement indicates increasing purchasing interest. However, the proximity to the 100-day SMA indicates that the bulls will need to maintain their momentum to overcome this resistance and move higher.
Furthermore, the Relative Strength Index (RSI) on the 4-hour chart has risen to 48% after recovering from the oversold zone, and is now trying to break above 50%. This upward shift in the RSI signals increasing buying pressure, which could support further positive movement if it continues.
The daily chart shows Solana shows signs of a bullish attempt towards the $137 level and remains below the 100-day SMA. During the previous trading session, a bullish momentum candlestick formed, suggesting possible upward movement despite the current position below the key moving average.
Finally, the 1-day RSI suggests that Solana could extend its current pullback. The signal line, which had previously fallen to 34%, is now showing signs of recovery and is currently at 40%. This upward movement could therefore indicate a possible shift in the economy momentumThis suggests that SOL could optimistically regain strength over time.
Crucial Levels to Watch: Resistance and Support Zones for Solana
Monitoring the key support and resistance levels will be critical as Solana navigates the current price action. Immediate resistance is at the $137 level, which could challenge the ongoing bullish momentum. If Solana surpasses this resistance, she can target higher levels, potentially testing new highs.
On the other hand, the crucial support level to check is around USD 118. If SOL cannot break the USD 137 resistance, it could face further declines, possibly towards USD 118 and even lower. support zones.
Featured image from Adobe Stock, chart from Tradingview.com
