Solarium (SOL) is showing signs of recovery as the altcoin steadily moves towards the crucial $137 mark. After the recent fluctuations, the cryptocurrency is experiencing a resurgence of bullish momentum, challenging the strength of the current bearish resistance.
This rally highlights Solana’s potential to overcome recent struggles and break above key resistance levels. Now that the bulls are gaining ground, the focus is on whether this bullish momentum can be sustained or whether the bears will regain control and hamper the rally.
As SOL approaches this key level, this article aims to determine whether Solana can maintain its upward trajectory and overcome the existing bearish pressures, or whether endurance It will prove to be too strong, which will affect its short-term outlook. We will analyze recent price movements and key technical indicators to provide insight into the cryptocurrency’s potential direction.
Solana advances towards $137 amid changing sentiment
On the 4-hour chart, while trading below the 100-day simple moving average (SMA), Solana is currently in a major bullish momentum move, advancing towards the $137 mark and forming a positive candle after a bounce at $118. This upward movement suggests growing buying interest and optimism. market feeling.
On the 4-hour chart, the Relative Strength Index (RSI) is currently at 43% and is attempting to climb towards the 50% threshold. The move indicates that bullish momentum is gaining ground, which indicates a potential Break out of the oversold zone. If the RSI successfully breaks above the 50% mark, it could trigger strong buying pressure and support Solana’s upward move towards $137.
Moreover, Solana is showing promising signs on the daily chart as it targets the $137 level despite trading below the 100-day simple moving average (SMA). This bullish candlestick formation indicates a possible upward move, suggesting that the cryptocurrency could gain momentum and move higher, even as positioned Below the key moving average.
Lastly, the 1-day RSI shows that Solana could extend its current bounce as the signal line, which currently stands at 34%, is showing signs of ascending towards the 50% mark. Therefore, this bullish attempt implies that SOL could regain bullish strength as it moves forward.
Possible scenarios for the SOL price trajectory
As Solana targets the $137 level, several scenarios could shape its price trajectory. If the bullish If the momentum continues and the cryptocurrency manages to break above this level, it could signal a strong rally, potentially pushing SOL towards the $164 resistance range and beyond.
Conversely, if the resistance at $137 proves too much strong and bearish pressures reassert themselves, SOL could face a rejection that takes its price back to the previous level of $118, possibly testing lower levels. support areas.
At the time of writing, SOL was trading around $127, which shows a drop of 0.72%. The cryptocurrency boasts a market capitalization of over $59 billion and a trading volume of $3.5 billion. In the past 24 hours, SUNThe market capitalization of has decreased by 0.56%, while the trading volume has seen a significant increase of 84.18%.
Featured image from Adobe Stock, chart from Tradingview.com
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