Solana (SOL) Eyes Rebound After Testing Key $123 Support Level
- Solana (SOL) recently tested key $123 support, indicating a potential rebound could occur in the short term.
- The TD Sequential indicator currently shows a “buy” signal, suggesting upward momentum may be developing soon.
- Early bounce signs point to SOL possibly targeting the near-term Fair Value Gap around $125.5.
Solana (SOL) is giving some initial indications that a rebound may be forthcoming, having tested a strong support zone. Technical analysis shows that the crypto may be on the cusp of a strong move upwards. Investors are keeping a close watch on the position with regard to any acceleration in buying, which can push SOL forward.
At the time of writing, SOL is trading at $126.20, with a 24-hour trading volume of $9.32 billion and a market capitalization of $70.78 billion. The SOL has seen a slight decrease of 1.14% over the last 24 hours, drawing attention from market observers.
TD Sequential Signals Solana Upswing
A well-known crypto analyst, Ali Martinez, highlighted that the TD Sequential indicator has been a reliable tool in predicting changes in the Solana trend since March 2023. However, as of the writing of this analysis, a “buy” signal is being shown on the Solana chart.
Solana Shows Early Bounce Signs
Meanwhile, CryptoPulse published a short-term update for SOL, pointing out that the altcoin recently tested the lowest point in its trading range at $123. There appear to be preliminary indications that Solana may be heading for a bounce from this point. If that’s the case, Solana may target the Fair Value Gap (FVG) slightly below the existing value, at $125.5.
This is enough to prompt the question that arises for investment individuals: Is this the right moment to ‘buy the dip’ in SOL? With some technical indicators strongly suggesting that a strong bounce may be on the cards, the coming weeks may well prove decisive.
Also Read | How High Can Solana (SOL) Rise in December 2025?
Solana Faces Weekly Pressure
The RSI reading of 37.48 will indicate weak momentum as buyers lose grip. Being above SOL’s current position, the Trend Ribbon with levels of 185.91, 173.61, and 165.38 shows that SOL is much below the trend levels, thus showing intense pressure on the downside. Currently, the SOL’s price of $126.33 is below the Ribbon.
The MACD further supports this weakness, with the MACD line being at -10.42, with the Signal line positioned at -9.56, further increasing the negative difference. Negative bars on the MACD histogram indicate increasing strength of the selling force. Until the momentum turns positive, the bears remain dominant.
Also Read | Memecoin Trading on Solana Falls to Two-Year Low as Market Sentiment Shifts
You May Also Like
XRP Crowned South Korea’s Most-Traded Crypto of 2025
DeFi Development Corp. expands Solana treasury accelerator
