Solana (SOL) is showing signs of life after a recent slump. The coin is on the rise, aiming for the $137 mark. This upward movement suggests that buyers are back in the game, and the market is feeling more optimistic.
Bullish Signs on the Charts
Looking at the 4-hour chart, Solana is on a strong upward trajectory, moving towards $137. This positive movement follows a bounce from the $118 level. The Relative Strength Index (RSI) is also climbing, currently at 43%. If it breaks through the 50% mark, it could signal a strong buying surge, pushing Solana even higher.
The daily chart also shows promising signs. Even though Solana is still below the 100-day Simple Moving Average (SMA), it’s forming a bullish candlestick pattern, suggesting potential upward momentum. The 1-day RSI is also rising, indicating that Solana might regain its bullish strength.
What’s Next for Solana?
There are a few possible scenarios for Solana’s price. If the current bullish momentum continues and Solana breaks through $137, it could signal a strong rally, potentially pushing the price towards the $164 resistance range and beyond.
However, if the resistance at $137 proves too strong, Solana could face a rejection, sending the price back down to the $118 level or even lower.
At the time of writing, Solana is trading around $127, down slightly. The coin has a market capitalization of over $59 billion and a trading volume of $3.5 billion.
