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Solana is making waves on the market once again, for the first time after the minor correction it experienced recently. With an unexpected comeback, Solana has been nudging against key technical barriers, and recent moves suggest it may be on the brink of reclaiming its position within an ascending price channel seen on the SOL/USDT chart.
As of late, Solana has been flirting with the lower boundary of its ascending price channel, which currently sits just above the $105 mark. The asset has bounced off this level, indicating a strong support zone that could catalyze a return to its previous bullish trend. The current trading price of around $111 showcases SOL's resilience, rallying from recent lows and hinting at a potential uptrend.
The next significant resistance for SOL lies near the $120 level, which, if broken, could confirm the asset's return to the upward channel. A move past this point would likely attract further buying interest, potentially pushing prices toward higher resistance levels at $130 and beyond.
Support levels to watch are at $105, which aligns with the lower boundary of the price channel, and $100, a psychological level that also coincides with the 100-day moving average. These levels have been tested but have held firm, suggesting strong buyer interest.
The trend for Solana is showing signs of a bullish reversal, with the price maintaining above key moving averages and attempting to breach the ascending channel's lower border. The volume profile is increasing, indicating growing interest in the asset.
In the bullish case, if SOL breaks through the $120 resistance level, it would likely signify a solid return to form, potentially igniting a rally reminiscent of its past highs.
Dan Burgin
Tomiwabold Olajide
