Analysis of Solana (SOL)
📅 Date: May 5, 2025
Movement and Trend:
In the last 24 hours, Solana (SOL) has experienced a slight correction, currently trading around $146.75 USD.
This decrease comes after a 22% rally recorded this month, driven by positive news in the ecosystem.
However, the resistance level at $150 USD has proven to be a significant hurdle, with technical signals indicating persistent selling pressure.
Technical Indicators:
Resistance: $150 USD
Support: $140 USD
Trading Volume: Increasing, suggesting renewed interest from investors.
Prediction:
If SOL manages to break above and consolidate above the $150 USD resistance, we could anticipate a bullish move towards $185 USD.
However, a drop below the $140 USD support could indicate a deeper correction, bringing the price down to $132 USD.
It is essential to monitor these key levels and consider the inherent volatility of the cryptocurrency market.
