based on materials from the site - By CryptoTicker ENG
The price of Solana (SOL) is showing signs of a bounce, overcoming recent resistance levels, making traders wonder if the rally still has legs. Let's break down what the daily chart says.
The chart shows that the price of Solana is trading around $151.33 after posting a healthy daily gain of 3%. A closer look shows a steady rise from a recent reversal zone around $120. This level coincides with the 0.618 Fibonacci retracement — a crucial area where SOL found buyers. Recent green Heikin Ashi candles signal a change in momentum, suggesting that the downward trend may be losing steam.
What do Fibonacci levels tell us?
On this daily chart, the Fibonacci retracement highlights key levels. The price of SOL is testing the 0.236 line around $152.50, which acts as immediate resistance. A clean breakout and daily close above this level could pave the way to the psychological zone of $160 — roughly 5.7% above the current price.
Calculation:
($160 - $151.33) / $151.33 ≈ 5.7%
If this level is convincingly surpassed, the next major zone will be around $180, corresponding to previous swing highs.
Does the RSI signal a stronger movement?
The Relative Strength Index (RSI) has risen to about 52.68, crossing the neutral mark of 50. This is the first sign that buyers are regaining control after a week of weakness. The RSI trend has an upward slope, and if it holds above 50, it confirms a bullish scenario for further growth.
What should traders watch for next?
Traders should watch for daily closes above $152–$155. Sustained price movement above this zone combined with a stable RSI above 55 could create the momentum needed for a breakout to $160 and then to $180.
However, if the price of Solana does not close above $152 and falls below $140, bears may retest support at the 0.5 Fibonacci level around $130.
Solana price forecast: is it worth buying Solana now?
Yes! The daily chart of Solana is tilted bullish with new purchases near key retracement zones and recovering RSI. If the momentum continues, traders may see the price of SOL return to the $160–$180 range in the short term. Holding above $140 will be crucial to maintain this upward slope.
#MarketRebound , #Сryptomarketnews
In this group, we strive to promptly inform readers with news articles (more than a dozen sites) concerning changes in the cryptocurrency market and financial markets. There is no goal here to impose on any of the readers the correctness (or incorrectness) of the site's article!
