Solana (SOL) has started the week on a cautiously optimistic note, with indicators pointing toward a short-term rebound following a turbulent weekend in the crypto markets. However, despite early signs of buyer interest, traders remain on alert as critical resistance and support levels come into play.
Indicators Flash Green, but Skepticism Persists
Technical signals from TradingView show early bullish momentum for Solana. The Relative Strength Index (RSI) has climbed from oversold territory near 30 to 41, suggesting that buyers are gradually stepping in. However, analysts emphasize that a decisive shift in sentiment requires a break above the RSI midline at 50. Until then, the move could merely be a relief rally.
Another promising sign emerges from the Moving Average Convergence Divergence (MACD). The blue MACD line has crossed above the signal line, typically viewed as a short-term buy signal. Still, without a corresponding surge in volume, the move risks being a “fakeout”—a trap for eager bulls.
The $137 Resistance: Solana’s Battleground
At the time of writing, SOL is testing the $134–$135 zone—a key area of resistance that has acted as a battleground between bulls and bears. A clean break above $137, ideally with significant trading volume, could confirm the beginning of a larger bullish move. In such a case, upside targets include $144, followed by the psychologically significant $150 level.
However, if Solana fails to breach this barrier, the downside risk looms large. A drop below the $130 support level could invalidate the current recovery and push the token toward $120. Traders are closely watching this threshold as a vital stop-loss point.
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What It Means for Investors
While indicators offer hope, market participants should remain cautious. This is a time for disciplined trading strategies and risk management, especially given broader market uncertainty. The Bit Journal has observed a rise in short-term retail interest, but seasoned investors may prefer to wait for confirmation via a volume-backed breakout.
Conclusion
Solana’s recent price action reveals a market attempting to heal, but the road to recovery is far from guaranteed. All eyes are on the $137 resistance level. Until that is convincingly broken, SOL’s move remains tentative. Investors are urged to remain alert and consider protective measures such as stop-losses.
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Sources:
TradingView Technical Charts
CoinDesk Market Data: https://www.coindesk.com
The Bit Journal Analysis Reports
CryptoCompare Price Metrics
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