Solana rebounds above $135 and its 100-hour SMA after breaking a bearish hourly trend line, but still needs to clear nearby resistance to avoid another pullback.
Summary
- SOL trades above its 100-hour simple moving average after reclaiming key Fibonacci retracement levels from the latest decline.
- Hourly MACD has turned firmly bullish, while RSI holds above 50, signaling improving short-term momentum.
- Failure to break immediate resistance could send SOL back toward the broken trend line and lower support zones, risking a deeper near-term drop.
Solana has risen above $135, recovering from recent lows and breaking above a bearish trend line on the hourly chart, according to technical analysis.
The cryptocurrency is trading above its 100-hour simple moving average after climbing past key Fibonacci retracement levels from its previous decline. The digital asset’s recovery has occurred alongside gains in other major cryptocurrencies.
Solana rising, signaling bullish reversal?
Technical indicators show the hourly MACD gaining momentum in bullish territory, while the Relative Strength Index stands above the 50 level, according to the analysis.
The cryptocurrency faces immediate resistance at short-term price levels. A successful break above these resistance zones could lead to further gains toward higher resistance areas, the analysis stated.
If Solana (SOL) fails to clear nearby resistance levels, the cryptocurrency could decline toward support near the recently broken trend line. Additional downward movement could push the price toward lower support zones, potentially resulting in a deeper near-term decline, according to the technical outlook.
Solana is the fifth-largest cryptocurrency by market capitalization. The token has experienced significant volatility in recent trading sessions along with broader digital asset markets.
Source: https://crypto.news/solana-reclaims-135-and-100-hour-sma-in-strong-reversal-attempt/
