$SOL The recently popular altcoin Solana (SOL) has dropped to a multi-month low, but now the cryptocurrency is showing the first signs of recovery.
Solana bulls are regaining control.
On the daily chart, the MACD is close to forming a 'golden cross', signaling potential growth. This pattern occurs when the MACD line (blue) crosses above the signal line (orange), which is considered a bullish momentum signal.
If the assumption is correct, Solana may start a new growth phase in the coming days.
The Balance of Power (BoP) indicator shows positive values, reflecting a resurgence of buyer strength. At the time of writing, it stands at 0.36.
A positive indicator value indicates the dominance of buyers. Increased demand shows that the bulls are regaining control after a period of decline.
Solana aims for a breakout above $157.
At the time of publication, SOL is trading at $152.20. If buying pressure increases, the altcoin may break through resistance at $157.92. A successful breakout will pave the way for a rally to $165.12.
However, if demand weakens and profit-taking begins, the price of Solana may go down again, reaching support around $142.59.
