Despite the tough market conditions, Solana is showing strong signs of a potential bullish reversal. Buyers are taking advantage of lower prices, suggesting that the token could regain important resistance levels if it finishes the day on a high note.
VanEck’s recent Solana ETF filing seems to have supported the token during bearish times, even as Bitcoin struggles below $54,500. Despite an 8% drop, Solana’s price has stayed above a key support level. This indicates growing optimism about crypto, with traders remaining hopeful about Solana’s price rally.
Solana Shows Potential for Bullish Reversal Amidst Market Turmoil
Even if Solana experiences a reversal, it may not start with a sharp recovery. The price needs to close the day’s trade around the current levels and also secure the upper target to mitigate bearish pressure.
Solana’s price is striving to avoid forming another lower low as bulls prepare for a potential bullish rebound. Buying pressure is gradually increasing after enduring significant selling pressure over the past few days. As a result, the token is expected to end the day on a bullish note, which could pave the way for a strong recovery above the crucial resistance at $133 over the weekend.
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Solana Gains Strong Support, Potential for Bullish Reversal
The daily chart indicates that Solana is receiving robust support from the bulls as they approach overcoming the bearish volume. Despite broader market dynamics, the rally remains intact within the pattern. A daily close above $125 could signal the beginning of a strong recovery. Additionally, the RSI has triggered a bullish reversal, suggesting that the price may soon reach interim highs of $133.
The price zone between $133 and $138 is crucial, as it has provided a strong base during extended bearish periods. Therefore, a bullish close within the range of $125 and $126 could pave the way for a strong recovery above $135 over the weekend. However, failure to close within this range may lead to a drop below $120, potentially extending to $114 and later to $105.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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