[FTX cancels the pledge of US$1 billion SOL, what is the next step for Solana]
Solana established a strong bull base above the $125 support zone and bounced back multiple times, making this area an ideal "buy" point. Since March 2024, SOL price has bounced off this area nearly seven times. However, the 23.60% Fibonacci resistance level ($137) remains a key challenge.
The daily chart suggests Solana may be forming a rounding bottom reversal, with prices up 11.32% over the past week. However, $137 has emerged as significant resistance, with the risk of a death cross between the 200-day moving average (EMA) and the 50-day EMA further suppressing growth momentum.
The MACD indicator shows bulls gaining strength and the histogram supports the possibility of a breakout. It is worth noting that the bankrupt FTX and Alameda groups have released a large amount of Solana and still hold $945.7 million worth of SOL assets that have not been released and may affect the market.
$125 is a key support area, and if it falls, it could trigger panic selling in the market. A break above $137 could put Solana on track for a move toward $150 or even $160. However, if the support breaks down, the next support zones are $117, $110, and $100.
