Can Solana Price Break Above $125?

With a rounding reversal the SOL price is heading to the $125 mark, a crucial resistance in the Solana chart. Providing resistance to the last upswing, the $125 is close to the 50% Fibonacci level, marking an area of increased supply. 

Further, on the weekly chart, the trading volume indicator is showing a declining trend that warns of a reversal from $125. This may lead to a double-top pattern. 

Currently, the SOL price trades at $113.77, with a 20% jump in the last ten days, teasing a bullish break of $125. 

Technical Indicators:

MACD Indicator: Despite the bullish recovery in the last few weeks, the short pullback phase warns of a bearish crossover in the MACD indicator. With the MACD and signal lines preparing a crossover, the $125 breakout can avoid a cross. 

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