- Solana rises 4.76% to $187 with a 9.32% surge in trading volume, signaling market recovery.
- RSI and MACD indicators show bullish trends, suggesting potential for Solana to break $190 resistance.
- Key support at $175 and resistance at $190 determine the next move toward a potential $210 target.
Solana (SOL) is currently trading at $187, with an increase of 4.76% over the past 24 hours. The trading volume of the cryptocurrency has grown by 9.32% to reach 6.42 billion.
Although the price of Solana fell by 6.77 percent last week, the coin is exhibiting signs of recovery. The technical sentiment has become favorable, ending with key technical indicators showing signs of upward trends that could push market sentiment up.
Source: CoinMarketCap
Solana Eyes $190 Breakout with $175 Support
Gemxbt, a crypto analyst, highlighted a declining trend on the 1-hour chart. Solana, however, is trying to recover above the 5MA and 10MA. A strong support is located at approximately $175, while resistance is located at $190.
The bullish crossover of the MACD and the RSI increase indicate that there is a possibility that Solana will display a reversal and edge upwards. As long as the price remains at or above $175, then there is a possibility of the breakout above $190.
Source: X
Meanwhile, another analyst, BitGuru, revealed that Solana has retraced to its current selling price of $187 after climbing to $209.69. The resistance levels are $195 to $210, while the support levels are $175 to $170.
Source: X
According to analysts, the market is under a pullback. The upcoming action around support areas will show whether bulls will restore control or more consolidation will be experienced.
Also Read: Solana Price Steady at $184 with Key Support Around $171 Market Insights
RSI and MACD Suggest Bullish Move Ahead
The Relative Strength Index (RSI) of Solana currently stands at 54.07, which indicates a balanced market. The RSI has been moving upwards, which is a sign of bullish pressure. When the RSI keeps moving up, it may be an indication that the price will also go up.
Moving average convergence divergence (MACD) suggests that the trend is bullish. The signal line has been crossed by the MACD line, indicating a possible uptrend. The MACD is currently at 3.95, indicating a positive sentiment in the market.
Source: TradingView
Solana is going through a critical transition. The RSI indicator and MACD indicators show that the coin could recover in case cryptocurrency manages to maintain support levels. The resistance area at $190 is the next critical test of breakthrough.
If this occurs, the price may increase to nearly the $210 level. The further direction of the market will depend on the continuation of the bullish trend in SOL.
Also Read: Cardano (ADA) Rebound Signals Bullish Breakout Potential Toward $10
