Solana (SOL) has seen a price increase recently, bringing renewed confidence among investors. The altcoin reclaimed $160, but indicators suggest a potential imminent decline due to rising market greed.
The Fear and Greed Index, which has risen from 33 to 61, indicates increasing greed, often a precursor to a price correction. As such, SOL may still trade higher, but technical charts show potential resistance at $170, a historically significant supply zone.
Technical analysis reveals that SOL might retrace to $145 or $142.86, supported by the Awesome Oscillator, which currently shows bearish momentum. A rising wedge pattern on the daily SOL/USD chart suggests a possible 10% drawback.
If buying pressure increases and SOL surpasses resistance levels, the token could exceed $200. However, caution is advised due to the current market sentiment and technical indicators.
