After facing a recent bearish rejection at resistance, the Solana (SOL) price took a corrective turn. However, in a surprising turn of events, SOL witnessed a surge of over 9% in the past day.
The fate of SOL’s price remains uncertain as it navigates the possibility of either breaking past resistance or encountering another bearish rejection, leading to further correction.
Solana’s recent rally of 9% follows a bearish rejection at the resistance zone around $157 to $160 just four days ago. Despite this rejection, SOL managed to rebound significantly, hinting at a potential continuation of its upward momentum.
Presently, SOL is once again encountering resistance within the $157 to $160 range. A successful breakthrough could propel SOL towards the critical Fibonacci resistance at around $175, potentially bringing an end to the correction phase.
Key indicators point towards a bullish sentiment, with the EMAs displaying a golden crossover and the MACD lines showing bullish signals. However, the RSI remains neutral for the time being.
Analyzing Solana’s 4-hour chart reveals a predominantly bullish outlook, with the MACD lines exhibiting a bullish crossover and the RSI offering no clear signals. Although the Death Cross remains intact, indicating a short-term bearish trend, the possibility of EMAs forming a golden crossover suggests further bullish sentiment in the short term.
Should Solana face another bearish rejection at the resistance zone, it may resume its decline towards Fibonacci support levels between $125 and $133. Failure to breach this resistance could potentially lead SOL to test critical Fibonacci support around $85, with the 50-week EMA serving as a notable support level.
In the weekly chart, the MACD lines remain bearish, accompanied by a downward trend in the MACD histogram. However, the monthly chart offers a slightly different perspective, with the MACD histogram showing signs of a continued correction phase. Despite this, the bullish crossover of the MACD lines and the neutral position of the RSI hint at a potential shift in momentum.
Against BTC, Solana has shown signs of bullish momentum, bouncing from the 0.382 Fib support and surpassing the 0.382 Fib resistance. A successful break above the Golden Ratio resistance could signal the end of the corrective phase, potentially allowing SOL to target higher resistance levels.
While the MACD histogram shows signs of bullish momentum, the MACD lines and the RSI remain cautious, highlighting the need for careful observation in the coming days.
