Solana is regaining traction, trending strongly upwards with the overall market recovery from prolonged macro-driven volatility. Although SOL is facing resistance on a Fibonacci retracement line and experiencing some pullback presently, the dip seems short term. The traders as well as investors are keenly watching for the subsequent strong rally.
At the time of writing, SOL is trading at $148.34 with a 24-hour trading volume of $2.1B with a market cap of $76.89B. The price of SOL in the last week is also stable, but in the last month its price is notably 29.49% up, indicating oncoming major rally signals.
Solana reclaims $150 as bullish momentum builds
According to the crypto analyst Robert M., Solana (SOL) concluded its highly volatile week, displaying both poise and renewed faith from investors. The price first dipped as low as $141 in line with larger market volatility before staging an impressive comeback to re-take the $152 mark. As of press time, SOL is settling in the vicinity of $150, in the consolidation stage that could lead to its subsequent move.
Technical analysis confirms that Solana has set a solid support level of about $145, which in the past had functioned as resistance. The reversal of resistance to support is an age-old bullish indication in market structure, which points towards the likelihood of the asset being on the verge of extending its rising trend.
Sentiment indicators are positive, indicating both short- and long-term bullish bias. The analysts explain that buying pressure is still greater than selling pressure, with rising volume being witnessed on both rising price action. The situation makes the argument for continual gains stronger in the event of an overall positive market.
Market analysts will be watching the $152–$155 resistance level for confirmation of the start of a fresh leg higher, which would be key for timing the move. If SOL can continue its current structure and sentiment, then it should test prior peaks relatively soon, placing itself as the standout of large-cap cryptocurrencies.
