Solana price is about to rebound? SOL approaches $130 support

#sol $SOL

Solana price also fell slightly today in line with the overall market trend, with most of the top 100 major cryptocurrencies falling more than 2.5%. But there are signs of improvement.

SOL fell 3.72% the day before and is currently priced at $131.71.

Following the trend of large cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), which have also seen a correction, Solana has also fallen 11.13% this week.

Despite a 26.85% drop this month, Solana's return this year is still as high as 691.41%, far exceeding other top cryptocurrencies.

The coin's 24-hour trading volume fell 1.50% to $2.13 billion, showing some changes in trading activity.

Now that it has found support at a key level, Solana price is ready to rebound.

Notably, after hitting an hourly low, Solana closed above the $129.75 support level (grey). The downtrend seems to have slowed and may have even plateaued.

If Solana can break out strongly to the upside from here, it will confirm that selling pressure has eased. The support level will hold, setting the stage for a possible upside move.

The coin’s purple relative strength index (RSI) has confirmed this view by jumping from 20 to 40 in the past hour. This could signal a trend reversal or rising buying pressure.

But BONK’s 30-day moving average (yellow) is heading in the wrong direction, below its 200-day moving average (blue), which is also falling. This suggests that both the long-term and short-term trends are negative.

Therefore, more pullbacks are likely to come as the current stability may not be enough to support a broader trend reversal.

The overall market sentiment after the US Federal Reserve’s hawkish comments on inflation could be responsible for this price action. Traders are filled with uncertainty after the bleak macroeconomic forecasts.

If you have been chasing ups and downs, often being trapped, and have no latest news in the cryptocurrency circle and no direction, follow Hei Jie. In QQ, I will share the bull market strategy layout with fans for free, just to increase fans!

#美联储何时降息？