Solana Jail Break on $150 Mark
The popular altcoin showed signs of recovery after it posted 14% gains in the early hours of Saturday.
Solana’s $150 resistance line is not merely a psychological barrier; historical evidence indicates that it has served as a defining threshold for bulls’ reaction.
The altcoin experienced a notable surge in profit-taking after reaching its highest point ever on January 19, $295.83. As a result, the coin’s price has dropped to multi-month lows; trading at levels last observed in October.
Price action showed Solana’s Relative Strength Index (RSI) dropped below the 32 mark for the first time since June 2023. . SOL is significantly oversold, suggesting that the selling pressure may have subsided and that the bulls might likely take control.
SOL is trading at $147, just above the $145 support level. This support level should fortify if buying pressure on the altcoin resumes, pushing the price closer to the $182 mark, where significant resistance is located.
It battled to stay stable before finally dropping below and going into a protracted decline amid erratic market conditions triggered by President Trump’s tariffs.
The Glassnode data shows that sustained dips below this threshold have historically triggered long-term bearish periods. Stronger rallies have resulted from recoveries above it, though. If SOL can maintain a price above $150, it may provide a basis for growth and possible gains.
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