Solana (SOL) has recently pulled back to the $137 level, a significant point that could dictate its next market move. Market participants are keenly observing to see if bears will push prices lower or if bulls will capitalize on this pullback to ignite a breakout.
By examining key technical indicators like the Relative Strength Index (RSI) and market sentiment, traders are aiming to understand SOL's potential moves. The RSI's upward shift indicates strengthening buying pressure, which could support further positive movement if it continues.
Currently trading at approximately $135, Solana has shown a 4.66% increase, with a market capitalization exceeding $63 billion. Over the past 24 hours, its trading volume has dipped by 6.89%, while the market cap has grown by 4.70%.
On the 4-hour chart, Solana has gained bullish momentum, forming positive candlesticks just below the 100-day Simple Moving Average (SMA). However, bulls need to maintain momentum to overcome this resistance. On the daily chart, there's also a bullish attempt toward the $137 level, despite its position below the 100-day SMA.
Monitoring key support and resistance levels will be crucial as Solana navigates its current price action. Immediate resistance is at $137, while the crucial support level to watch is around $118.
