Recent trading shows that Solana (SOL) is regaining strength after a bearish period. Having found support at $164, it is now approaching the crucial $194 resistance level, which could determine its next price move.
The $164 level has been a vital support zone for Solana, with strong buying pressure at this point, showing that bulls are actively defending it. Its stability during market turbulence highlights its significance in SOL’s recovery. The $137 level is also important, having been a historical bounce – back point, and the combination of these support zones has helped the asset regain momentum.
Several technical indicators suggest continued upward momentum. The Composite Trend Oscillator’s signal line and SMA are rising from oversold territory, indicating increased buying pressure and positive sentiment. The price is nearing the 100 – Day Simple Moving Average, which could signal a medium – term momentum shift if breached.
Additionally, trading volumes near the $185 support level have increased, suggesting sustained upward strength.If bulls can push the price above the $194 resistance, it could start a broader bullish rally, with the next target being the $209 resistance. However, if bearish forces strengthen, Solana may face more selling pressure, potentially dropping back to the $164 support zone. A break below this level could lead to further declines, with the next major support at $137.
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