Solana coin price indicates a bullish sentiment, noted a rebound from its 50-day EMA mark, and retested at $110. However, the bulls failed to escape the hurdle and faced difficulty in getting over it. Amidst the uptrend, the coin is hovering near the round mark of $100 and is witnessing a dilemma among investors. The trend is positive, and the coin could rally toward $120 soon, but it needs to cross the immediate hurdle of $110 for an upward movement toward it.
SOL coin price is trading above the neutral region and is taking support on the 20-day EMA mark, replicating strength in the past sessions. However, uncertain price moves were glimpsed, which led investors in fear. If the coin holds the $100 mark, it will be a positive sign, which leads to surpassing $110 shortly. Per the Fib retracement levels, the Solana price takes support in the 23.6% zone, and a rebound was glimpsed last month. However, the coin has yet to surpass the 38.2% zone near $110.
The Solana coin (SOL) price was $102.54 at press time, with an intraday drop of 1.18%, showing neutrality on the charts. Moreover, the trading volume has increased by 4.01% to $1.53 Billion. The pair of SOL/BTC is at 0.00200 BTC, and the market cap is $45 Billion. Analysts are neutral and suggest that the Solana (SOL) price will attain a pullback and may surpass $120 soon.
Solana Displays Rounding Bottom Formation on Daily Charts
On the daily charts, the SOL coin price is forming a rounding bottom formation, and it is close to the upward trendline support, near $101, from where a rebound is anticipated. Furthermore, the 50-day EMA mark also exists there, favoring the rebound and bulls targeting to cross the $120 mark. Buying momentum will extend above that mark, and the coin may reach $130 soon.
The Relative Strength Index (RSI) curve stays below the midline, showing a retracement and a negative crossover on the charts. Similarly, the MACD indicator shows a bearish crossover and displays profit booking in the previous sessions.
SOL Exhibits Buyer Accumulation On Weekly Charts
Solna coin exhibited a massive recovery from the bottom mark of $20 and jumped over 400% in the last three months, revealing the buyer accumulation. Furthermore, the trend is intact, and the coin is sustaining gains above the key moving averages. Per the technicals, the Solana coin is poised to skyrocket above $120 and will reach the supply zone of $140 in the upcoming sessions.
Summary
The Solana coin (SOL) price jumped above $100 and displayed bullish sentiments, revealing the investor’s interest. Moreover, the coin gains momentum and aims to escape the upside hurdle of $120 to cross the supply region of $150 in the following sessions.
Technical Levels
Support Levels: $98 and $90
Resistance Levels:$105 and $110
