Last week we looked at Bitcoin resistance above $71,000, and today we saw a retest of Solana in the current downtrend. Cryptocurrencies go up and down and you can play the field by trading these swings.
If you are interested in improving your trading skills, study our latest Fibonacci lines guide.
Big Solana Retest
Solana’s price recently retested the important support level of $150 based on the 100-day EMA. Technical indicators suggest a rebound is possible. SOL is currently close to the uptrend line support and significantly close to the $150 level. In recent trading sessions, SOL attempted to rally but was rejected by the 50-day EMA.
Despite this rejection, the long-term outlook remains optimistic and suggests a decline is likely soon. Solana is trading in bullish territory but shows no impulsive moves. If it breaks $170, SOL’s next target could be $200.
As of this writing, Solana is trading at $151, up 0.89% intraday, making it neutral on the chart. The monthly return is 3.20% and the annual return is 911.20%, indicating a long-term upward trend.
The SOL/BTC pair is 0.0000308 BTC and has a market capitalization of $121.59 million. Analysts are neutral but optimistic, suggesting Solana could bounce back soon and perform better in the coming sessions.
Solana (SOL) price trend analysis
The daily chart shows a price retracement for Solana, retesting the $150 level. SOL forms a round bottom, indicating a possible buy position. Investor interest remains strong, with trading volume increasing compared to the previous session. In particular, trading volume increased 16% in the last 24 hours, reaching $3 billion.
Momentum oscillators show mixed signals. RSI stays near the center line and indicates a negative crossover, while MACD displays a red bar on the histogram.
Spikes in Volatility and Weighted Sentiment
There was significant volatility this week, suggesting speculative moves. Weighted sentiment data remains bullish and hovers near the midline around -0.036. Investors are closely watching the upcoming Solana ETF launch, which could push SOL price above $200.
Futures OI Data Release Brief
Last session, SOL was shorted as it retested trendline support and bounced back. The value of open interest decreased by 4.30% to $2.07 billion, signaling the possibility of a rebound.
Solana’s immediate support levels are $145 and $140. main resistance $157 and $165.
Conclusions on Solana Retest
Solana’s price retest is currently supported by the 100-day EMA and we expect a significant downside. Price action suggests a potential rebound with investors ready to get back into the trade.
If you like our content, you can support us by signing up for a Binance account using our referral link. Don’t forget to claim your bonus if you buy/sell or trade cryptocurrencies.
You may also like our other blogs about NFTs ending in 2024 or increasing your Blast Airdrop with a 20x multiplier.
