SOL Price at Crossroads: Will Bullish Momentum Push Solana Price to $160?
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With Bitcoin taking a plunge under $58K, the intraday pullback in the crypto market reveals a minor case of bullish exhaustion. Amid the pullback, Solana offers a buying opportunity with an upside potential extending to $160 next week. Will this reversal lead to a massive comeback for the Ethereum killer? Let’s find out in our SOL price analysis.
SOL Price Performance
With a bullish recovery in the daily chart, the SOL price trend is revealing a strong footing in the $125 support zone. Following the recent recovery over the last weekend, the Solana price has shifted sideways this week between $130 and $140.
Following the 2.74% jump last night to make a bullish engulfing candle, the intraday pullback puts Solana on a back foot. Currently, it is trading at $134 with an intraday pullback of 0.97%, struggling to surpass the $140 mark.
Despite the recent dip, the V-shaped reversal in SOL price signals a potential upside continuation this week.
Technical Indicators:
MACD: The MACD indicator in the daily chart gives a bullish crossover with a surge in positive histograms.
RSI: The RSI indicator continues to channel the upside despite stagnation in the SOL price action.
Solana Whale Grows Cold Feet
Amid the increasing volatility, a Solana whale has recently unstaked a massive amount of SOL tokens. The unstaking involved 106,213 SOL tokens worth $14.3 million.
Quickly after this move, the whale deposited it in a centralized exchange, Binance, with growing assumptions of Solana that the whale would sell off the tokens, resulting in an increased supply.
Solana’s 4-Hour Rounding Reversal
In the 4-hour chart, the SOL price reveals a potential rounding bottom reversal with a neckline at $138. Based on last week’s price action, the crucial resistance levels for Solana are present at $147 and $160 above the neckline.
Meanwhile, the crucial supports are present at $131 and $125. The SOL price stands at a crossroads as the recovery run takes a sideways shift near the neckline.
Despite the recent whale sell-off, the overall sentiment for Solana remains bullish. The uptrend bullish breakout of $138 will likely result in the SOL price jumping to the next resistance at $147, with increased chances of reclaiming the $150 psychological mark.
Furthermore, the FOMC meeting next week is likely to boost the crypto market and increase the chances of Solana hitting the $160 mark. On the flip side, the support level at $131 is likely to stand strong this week.
Curious about Solana’s future? Read our Solana (SOL) Price Prediction for an overview of long-term targets!
