Solana, one of the top-performing cryptocurrencies, recently retested a critical support level of $150 amidst a current downswing in the market. Despite facing rejection at the 50-day EMA, technical indicators suggest a possible rebound for SOL in the near future.
Currently trading at $151 with a slight intraday increase, Solana has shown a monthly return of 3.20% and an impressive yearly return of 911.20%, indicating a long-term uptrend. Analysts remain neutral but optimistic, predicting a potential pullback soon with a target of $200 if SOL breaks the $170 mark.
Investor interest in Solana remains strong, with trading volume rising over the past sessions. Momentum oscillators show mixed signals, with the RSI hovering near the midline and the MACD showing red bars on the histogram. Significant volatility this week hints at speculative moves, while weighted sentiment data remains bullish.
Futures OI data reveal short covering as SOL retested trendline support and rebounded, leading to a drop in open interest value. Immediate support levels for Solana are at $145 and $140, with key resistance at $157 and $165.
In conclusion, Solana’s price retest is supported by the 100-day EMA, indicating a potential bounce and a significant pullback. Investors are closely watching for a breakout beyond the $200 mark, with the upcoming Solana ETF launch expected to drive prices higher.
