Solana (SOL) Price Analysis
Solana (SOL) has rebounded strongly from a low of $203 as it looks to move above the 20-day SMA and the resistance at $240. SOL faced considerable volatility almost all of last week as it attempted to move above the 20-day SMA but was repeatedly pushed back. SOL reached an intraday high of $244 last Thursday as it briefly went past the 20-day SMA. However, buyers lost momentum after reaching this level, and SOL fell back, dropping to $236 and registering an increase of 2.84%. Friday saw SOL push above the 20-day SMA again, but it fell back to $237, registering only a marginal increase.
Source: TradingView
With resistance persisting at this level, SOL could only register a marginal increase on Saturday before dropping on Sunday to settle at $237 after a drop of 0.48%. Bearish sentiment intensified considerably on Monday as SOL plummeted 8.55%, driven by a broader market crash. As a result, the price dropped to an intraday low of $205 before settling at $216. Sellers retained control on Tuesday as SOL dropped 1.47% and settled at $213. However, it recovered on Wednesday, rebounding from the 50-day SMA to register an increase of 6.38% and settle at $227, going beyond the immediate resistance at $220. The current session sees SOL up by 1.41% as buyers look to move above the 20-day SMA and reclaim $240. A move above these levels could see SOL retest the resistance at $250
