Solana (SOL) is under short-term bearish pressure, dropping 4.07% to $117.79 from its recent high near $124. The 15-minute chart shows a clear rising wedge breakdown, signaling exhaustion after a strong upward move. Price is now consolidating between key zones.
Key Levels
- Support: $116.00 – $116.50
This zone was held after the breakdown, acting as a potential base for buyers.
- Resistance: $120.50 – $122.00
A supply zone formed after multiple failed retests; SOL must reclaim this to resume its uptrend.
- Deeper Support: $113.80
A break below $116 may trigger a drop toward this prior accumulation zone.
Indicators
- ADR (14):
Currently at 0.54, down from recent highs, indicating reduced volatility. This suggests price is coiling for its next move.
- MACD (12, 26):
Showing early signs of bullish divergence. The MACD line is approaching a crossover above the signal line, and the histogram has turned slightly green.
Trend & Setup
Short-term structure shows a retracement within a broader bullish trend. If SOL holds above $116 and reclaims $120, a rally toward $125–$130 is possible. If not, expect a dip to $114–$111.
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Fundamentals
Solana remains strong fundamentally with growing adoption in DeFi, NFTs, and payments. Recent network upgrades have stabilized performance. Its low-cost, high-speed infrastructure keeps it favored among developers and institutions.
Outlook
SOL is at a decision point. Indicators suggest waning sell pressure, but the price must be confirmed with volume. A clean breakout above $122 sets up the next bullish leg. A breakdown below $116 invites further correction.
Watch for a MACD confirmation and volume surge to validate direction.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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