The recent market downturn has led to a drop in altcoin prices, including Solana, which is currently trading at $115. However, analysts remain hopeful for a recovery.
Key Resistance Levels for Solana
Earlier, Solana's price tested a resistance level at $135, which may determine its next directional move. If this level is breached, further upside is anticipated with subsequent targets at $144.40 and $165.
Technical Indicators Suggest Possible Breakout
Solana's daily chart shows bullish signals. After bouncing off the $125 support, Solana formed a morning star pattern, indicating a potential upward move. A breakout above the $120 resistance would open the path to $130, $144.40, and $165.20.
Network Activity Rise and Futures Support Optimism
In the last two weeks, the number of active addresses on Solana rose from 2.77 million to 3.3 million. This uptick in network activity, alongside rising open interest in futures, reflects growing trader optimism, though price pressure remains.
Despite current volatility and price declines, there are signs indicating a potential recovery for Solana. By observing key resistance levels and increasing network activity, analysts predict that the altcoin may show positive momentum in the future.
