Despite last week’s massive market liquidation, Solana’s price is beginning to show clear signs of recovery.
Over the past 24 hours, SOL has surged by 8.26%, supported by an 18.32% increase in trading volume, indicating rising buying pressure. This uptick suggests that buyers have stepped in at lower levels, potentially setting the stage for an increase in Solana’s price.
CCN’s review of technical indicators shows that bulls are actively driving an uptrend. However, the key question remains: Can this momentum hold?
SOL Refrains From Extending Decline
On the 4-hour chart, the Moving Average Convergence Divergence (MACD) indicates a bullish reversal, as the EMA 12 (blue) has crossed above the EMA 26 (orange).
The histogram has flipped to green, confirming growing momentum in favor of the bulls and suggesting that buying pressure is intensifying.
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Adding to the bullish setup, the Relative Strength Index (RSI) has turned upward, currently sitting at 44.61.
This movement indicates that SOL is steadily recovering from the oversold region below 30. The upward shift in the RSI indicates a transition in market momentum from bearish to neutral to bullish, suggesting that buyers are gradually regaining control over the market.
If the trend continues toward a reading of 60 to 70, SOL’s price could retest its resistance near $200, where sellers previously held control.
Capital is steadily flowing into SOL bulls are working toward supporting the price recovery.
Similarly, SOL’s Money Flow Index (MFI) confirms that bulls are steadily regaining momentum. The indicator has crossed above its neutral line and now sits at 52.87
This signals that buyers have gained the upper hand over sellers and that momentum is shifting in favor of the bulls.
Furthermore, these readings set the stage for a potential upward leg, with technical indicators pointing toward sustained strength, as bulls increasingly assert control over the market.
If buying pressure persists, Solana’s price could retest its key resistance zone at $200 and potentially break past $229.73.
Looking at the Fibonacci levels, SOL is currently trading at $192.28. Specifically, this is near the 0.618 Fib level at $208.02.
A break above this level would signal a continuation of the upward momentum, potentially targeting the 0.786 Fib level at $219.57.
On the downside, if selling pressure intensifies, SOL could revisit its immediate support zone at $174.28. In a highly bearish market condition, this cryptocurrency could push lower to $155.60.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
