After Solana's price dropped to a multi-month low, technical indicators begin to show signs of potential recovery.
Technical Indicators Signal Possible Ascend
Solana registered a price level of $140.21 on Friday, marking a multi-month low. Currently, the coin trades around $152.20, suggesting a potential price trend reversal. Technical signals on Solana's chart indicate that buying interest may be returning.
MACD and Balance of Power Confirm Bullish Sentiment
On Solana's daily chart, the MACD indicator is approaching a golden cross formation, where the MACD line is about to cross above the signal line. This signals a possible shift to bullish territory. The Balance of Power indicator at 0.36 suggests positive buying pressure following recent short-term lows.
Target Levels and Market Expectations
Current indicators suggest that Solana is targeting resistance at $157.92, with a potential rally to $165.12 if bulls maintain control. These expectations emphasize that the current conditions may form the foundation for future growth.
The current technical indicators for Solana create an optimistic picture for traders, potentially leading to a market trend change and price recovery.
