Solana Reclaims $120 Support, Signaling Bullish Momentum
- Support Reclaimed: Solana's successful reclaim and retest of the $120 support level confirms buyer strength, indicating robust demand at this price point and potentially laying the groundwork for future upside.
- Seller Exhaustion Signal: The failed auction below support suggests seller exhaustion, as they were unable to push prices lower, thereby enhancing buyer control in the market.
- Volatility Compression: The compression of the Bollinger Bands indicates an impending volatility expansion, which historically precedes significant price movements, suggesting a bullish trend may be on the horizon.
- Market Structure Shift: Holding above the $120 price level positions Solana favorably for continued upward movement, with a breakthrough of the Value Area High further confirming bullish sentiment in the market.
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Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL) As of , Solana (SOL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 11.169 | 39.334 | 69.179 | 97.344 | 127.189 | 155.354 | 185.199 |
| Fibonacci | 39.334 | 61.494 | 75.185 | 97.344 | 119.504 | 133.195 | 155.354 |
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