Why Is Solana (SOL) Price Up Today? Key Resistances Suggest Uptrend May Not Be Sustainable

Solana is rebounding rapidly after the price dropped over 40% in the past 8 days. The price reached a major support level that has held 5 times in the past since March.

Solana (SOL) price is up today, showing a rapid rebound after a 40% drop in the past 8 days. Key resistances suggest the uptrend may not be sustainable.

Solana price is rising rapidly today and is showing a rapid recovery after the price dropped 40% in the last 8 days. The price reached a key support level that has been held 5 times since March.

Yesterday the price reached this level again around $120-$124, causing a rejection and a close above support.

Currently, SOL is showing a good recovery. It's up more than 13% today alone. Judging by past patterns, we may see a rise to around $190.

Notcoin airdrop on Telegram brought millions of people. Don't miss the next TG airdrop from the same team – Dogs on Ton!

Indicators Give Mixed Signals

The relative strength index (RSI) indicator is at 41, indicating that the price still has significant room to move before reaching the overbought level above 70.

RSI metrics also support the recovery and the price starts to recover from around 31; This is the level it recovered to in June.

There will be some resistance to the potential price increase. The 50-day, 100-day and 200-day simple moving averages (SMA) are just above the price and may prevent further gains in the short to medium term.

Also, Solana will need to overcome some important price levels where it has encountered obstacles in the past. An important level for potential resistance lies between $155-$157. Traders will wait for these key levels to break to hope for continued price gains for Solana.

If resistance persists, the price may have to retest the $123 level (rectangular box of the chart). A break below this level could increase SOL selling pressure and trigger another major decline.

Captain hit his first 100x among a bunch of 2-5xs. Do you want to be part of a profitable community? Join our FREE Telegram group to receive all our future calls.

We recommend Etoro

The above is the detailed content of Why Is Solana (SOL) Price Up Today? Key Resistances Suggest Uptrend May Not Be Sustainable. For more information, please follow other related articles on the PHP Chinese website!