Solana (SOL) Shows Signs of Recovery, Advances Towards the Crucial $137 Mark

Solana (SOL) is showing signs of recovery as the altcoin is steadily advancing towards the crucial $137 mark.

Solana (SOL) is making another attempt to rally and overcome recent bearish pressures. After falling below the crucial $137 mark earlier this month, the altcoin is now pushing higher once again. As SOL rallies toward this key resistance level, we will analyze recent price movements and technical indicators to assess the cryptocurrency's potential direction.

Solana’s 4-Hour Chart Highlights a Bullish Push Toward $137

Observing Solana’s 4-hour chart, we can see that the cryptocurrency is currently trading below the 100-day Simple Moving Average (SMA) while making a bullish move toward the $137 mark. After bouncing off $118, SOL is forming a positive candlestick, indicating a potential upward movement.

Moreover, the Relative Strength Index (RSI) is currently at 43% on the 4-hour chart and attempting to climb toward the 50% threshold. This movement signals that bullish momentum is gaining strength, signaling a potential shift from the oversold zone. If the RSI manages to cross the 50% mark, it could trigger strong buying pressure, aiding Solana's upward move toward $137.

Solana’s Daily Chart Analysis as it Aims for the $137 Level

Further analysis of Solana's 1-day chart reveals promising signs as the cryptocurrency aims for the $137 level. Despite trading below the 100-day SMA, we can observe the formation of a bullish candlestick, suggesting a potential upward movement. This movement indicates that SOL might gain momentum and push higher, even while positioned beneath the key moving average.

Finally, the 1-day RSI shows that Solana might extend its current rebound as the signal line is attempting to rise toward the 50% mark, which is currently at 34%. This upward attempt implies that SOL might regain bullish strength as it progresses.

Potential Scenarios For SOL’s Price Trajectory as it Approaches $137

As Solana aims for the $137 level, several scenarios could shape its price trajectory. If the bullish momentum continues and the cryptocurrency manages to break above this level, it could signal a strong rally, potentially pushing SOL toward the $164 resistance range and beyond.

Conversely, if the resistance at $137 proves too strong and bearish pressures reassert, SOL could face a rejection that drives its price back to the previous level of $118, possibly testing lower support zones.

At the time of writing, SOL is trading around $127, showing a 0.72% decline. The cryptocurrency boasts a market capitalization of over $59 billion and a trading volume of $3.5 billion. In the past 24 hours, SOL’s market cap has decreased by 0.56%, while trading volume has experienced a significant increase of 84.18%.

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