Solana (SOL) could be on the verge of an impressive 20% rally, following a recent dip triggered by bearish market conditions. After facing heavy selling pressure at its $161 resistance level, SOL has seen an 18% drop in value over the past few days.
The overall negative market sentiment and Bitcoin's (BTC) price decline have also contributed to this retracement.However, there’s a silver lining for traders. The daily chart shows a clear bullish divergence, which many see as a sign of a potential trend reversal.
As Solana has been making lower lows since August 2024, the Relative Strength Index (RSI) has been quietly forming higher lows. This bullish divergence on a daily time frame often signals the start of an upward momentum, making this a prime opportunity for those looking to buy the dip.
Solana’s Crucial Support Level Holds Strong!!
Expert analysis highlights Solana's crucial support level of $127, a price point that has historically sparked significant rallies. Since March 2024, every time SOL has revisited this level, it has surged upwards, achieving at least a 20% rally.With SOL now consolidating at this key level, many believe the stage is set for yet another bullish breakout.
Traders and investors alike are eyeing this moment as a golden opportunity to ride Solana’s next upward wave.
