Solana's price shows recovery after a recent drop to $124, currently trading around $134.20.
Current Price Dynamics of Solana
Recent price changes indicate a bounce from $124.08, a key support zone consistent with earlier trendline touches and fair value gaps. Buyers have actively entered the market, supported by short-term indicators showing defensive strength in this zone.
Resistance and Support Levels
Despite the rise, Solana remains constrained by a resistance cluster between $135.50 and $138.80. This range encompasses multiple exponential moving averages on the 4-hour chart and previous liquidity highs, establishing significant resistance in the upward direction.
Market Outlook and Options
Deribit options data indicates uncertainty, with a slight bullish tilt above $135. Trading strategies between $134 and $140 highlight high open interest at the $135 level. The market also shows support at the $128 and $124 levels, which have previously faced selling pressure.
Solana's recovery has been bolstered by key demand areas yet remains under pressure from substantial resistance. With tightening volatility and options data signaling potential breakout, traders closely watch the ability to surpass the $138 hurdle.
