Solana (SOL) is at a critical juncture, with its price action indicating the possibility of a significant reversal. The cryptocurrency has been consolidating within a defined range, showing potential for a breakout that could trigger a rally. As of press time, Solana’s price is $132.38, with a 4.36% increase over the last 24 hours. Traders closely watch critical support and resistance levels to determine their next move.
The most prominent support level for Solana is $122. This level has held firm, acting as a base from which SOL has bounced back multiple times. Failure to hold this level could push the price lower, potentially testing the next support level at around $85. However, the focus remains on whether Solana can maintain this support and push higher.
On the resistance side, $163 is the immediate level traders are eyeing. Despite past attempts, Solana has struggled to break above this resistance. As per CRYPTOWZRD, an analyst, if the price manages to clear $163, it could open the door for a move towards $187, representing a 52.94% increase from the current price. Further up, $220 remains a distant target, achievable only with significant bullish momentum.
Recent price trends show Solana moving sideways within the $122 to $163 range, following a breakout from the $122 level earlier in 2024. This sideways movement suggests a period of consolidation, often seen before a breakout.Â
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If Solana can break through the current resistance levels, traders could see the price rally to the $187 target, with the potential for even higher moves.
The technical indicators offer mixed signals. Solana’s 1-week RSI is reading 47.72, suggesting that it’s neither overbought nor oversold. This neutral position indicates that the price could swing in either direction. However, the 1-week MACD trading below the signal line hints at possible downward momentum in the short term.
