The price of Solana (SOL) is showing signs of rebound after surpassing recent resistance levels. This article examines the factors affecting the current price movements.
Current Situation in the SOL Market
Currently, the price of SOL stands at approximately $151.33, showing a 3% daily gain. This indicates a gradual recovery after a drop to around $120, aligning with the 0.618 Fibonacci retracement level. The green Heikin Ashi candles suggest a potential shift in market sentiment.
Significance of Fibonacci Levels
According to the daily chart data, SOL's price is testing the 0.236 level near $152.50, which serves as immediate resistance. A break above this level could lead to a move towards the psychological $160 mark, representing about a 5.7% rise from the current price.
What Traders Should Watch Next?
Traders should look for daily closes above the $152-$155 range. Sustained prices in this zone along with an RSI above 55 could build the needed momentum for a breakout towards $160 and then $180. Conversely, if SOL fails to close above $152 and falls below $140, this might lead to a retest of support around the 0.5 Fibonacci level at $130.
At this point, Solana's price demonstrates bullish trends that could indicate potential growth. Monitoring support and resistance levels is crucial for predicting future price movements.
