Solana (SOL) price rebound of 20% may keep bulls excited for several reasons:
After a steady decline, SOL price found strong support near the $120 area. Bulls protected this key support level and the price started a nice recovery wave.
VanEck filed for the first Solana exchange-traded fund (ETF) in the United States, which triggered a bullish reaction and pushed SOL price up and broke through several resistance levels.
The Solana ecosystem continues to expand, such as the release of blockchain links (blinks), which allow users to use Solana for payments, exchanges, minting, donations, and voting.
However, bulls also need to remain cautious as SOL may face some resistance and challenges:
- SOL price may find it difficult to break through the $155 resistance area and the 50-day simple moving average (blue). A major bearish trend line is forming on the daily chart with resistance also at $155.00, which coincides with the 50% Fibonacci retracement level of the downward move from the swing high to the swing low.
- If the $155 resistance level cannot be breached, the SOL price may react to the downside. The immediate support is near $142, the first major support is near $138 and the recent breakout area, and the next major support is near the trendline at $135. If the bulls fail to hold $135, the price may fall to the $122 support level and even further to the $100 level.
Overall, the Solana price is trying to break through the $145 level and must break through $155 to continue higher in the coming days. The cryptocurrency market is highly volatile and uncertain, and investors should make decisions based on their risk tolerance and investment goals. At the same time, pay close attention to market dynamics, technical indicators, and relevant fundamental news, etc., so as to adjust the investment strategy in time.
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