Sunny (SOL) is showing signs of recovery as the altcoin is steadily moving towards the crucial $137 mark. After recent fluctuations, the cryptocurrency experiences a revival of bullish momentum, challenging the strength of the ongoing bearish resistance.
This rebound highlights Solana’s potential to overcome recent struggles and break through key resistance levels. With bulls gaining traction, attention shifts to whether this upward momentum can be sustained or whether bears regain control and hamper the rally.
As SOL approaches this key level, this article aims to determine whether Solana can maintain its upward trajectory and overcome the existing downward pressure, or whether the resistance will prove too strong, affecting the short-term outlook. We will analyze recent price movements and key technical indicators to provide insight into the potential direction of the cryptocurrency.
Solana’s push towards $137 amid shifting sentiment
On the 4-hours chart, while trading below the 100-day Simple Moving Average (SMA), Solana is currently in a significant bullish momentum move, heading towards the $137 mark and forming a positive candlestick after rebounding at $118. This upward move suggests increasing buying interest and bullish market sentiment.
Still on the 4-hour chart, the Relative Strength Index (RSI) is currently at 43% and is trying to climb towards the 50% threshold. The move indicates that the bullish momentum is gaining strength, which is a signal for a potential shifting of the oversold zone. If the RSI successfully breaks the 50% mark, it could create strong buying pressure and support Solana’s upward move towards $137.
Moreover, Solana is showing promising signs on the daily chart as it is targeting the $137 level despite trading below the 100-day SMA. This bullish candlestick formation indicates a potential upward movement, suggesting that the cryptocurrency could gain momentum and move higher even while positioned below the key moving average.
Finally, the 1-day RSI shows that Solana could extend its current rebound as the signal line, which currently stands at 34%, is showing signs of moving towards 50%. This upward attempt thus implies that SOL could regain bullish strength as it progresses.
Possible scenarios for SOL’s price trajectory
As Solana targets the $137 level, several scenarios could influence the price trajectory. If the optimistic If momentum continues and the cryptocurrency manages to break above this level, it could signal a strong rally, potentially pushing SOL towards the $164 resistance range and beyond.
Conversely, if the resistance at $137 proves too high, strong and downward pressure increases again, SOL could face a rejection that will take the price back to the previous level of $118, potentially a test of lower support zones.
At the time of writing, SOL was trading around $127, which shows a decline of 0.72%. The cryptocurrency has a market cap of over $59 billion and a trading volume of $3.5 billion. Over the past 24 hours, SOLThe market capitalization of has decreased by 0.56%, while the trading volume has seen a significant increase of 84.18%.
Main image from Adobe Stock, chart from Tradingview.com