According to CryptoPotato, Solana (SOL) has found strong support and may attempt a reversal soon. The key support level is at $78, while the key resistance level is at $104. SOL's price briefly fell under $80 but quickly recovered, with buyers appearing determined to continue the push. If successful, this could put an end to the corrective move that began in late December.
In the past two days, the buy volume has increased, explaining the recent price action and bounce. If this trend continues, bulls might have a good chance to challenge bears and regain control. Additionally, the MACD histogram on the daily timeframe is making higher lows while SOL's price made a lower low, confirming a bullish divergence. This could be an early sign that sellers have become exhausted, and buyers could return.
The bias for SOL is neutral. As long as the key support at $78 holds, Solana has a good chance of reversing the downtrend and attempting to recover some of the most recent losses.
