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Solana appears to be towards the end of its consolidation and may attempt to break into $100 again.
Key Support levels: $78
Key Resistance levels: $104
1. Bulls About to Return
Solana was on the verge of charting another lower low, but buyers returned to stop that from happening. As a result, SOL made a higher low, and the price action shows signs it may want to test the resistance at $104.
2. Preparation for a Breakout
If the price gets back above $100, then the key resistance will struggle to stop bulls, and Solana may enter a renewed uptrend. This most recent correction appears to be ending, which would support such a move.
3. MACD Turning Bullish
The 12h MACD is hours away from a bullish cross. If confirmed, then buyers have the upper hand, and SOL will likely return to a three-digit valuation. Watch closely the price action for that signal.
Bias
The bias for SOL is neutral.
Short-Term Prediction for SOL Price
The bias will change to bullish if the key resistance at $104 breaks. Until then, pressure may be building up under this key level, which could lead to increased volatility this week.
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Cryptocurrency charts by TradingView.
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