Solana (SOL) Suggests a Dip Opportunity toward $120 – Price Analysis

Solana’s price saw a massive surge during weekdays, recording a 29% surge from the $105 mark. Nevertheless, the bullish strength revealed weakness over the weekend as the alt struggled to remain beyond the $135 value area. Where will SOL’s weekly candlestick close?

Key Points

• Solana price chart indicates higher rejection candlesticks around the resistance of $135.
• SOL has its 24hr trading volume at $2.57 billion, showing a 12.03% surge.

Solana (SOL) had triangle setups governing the initial three months of this year. This bearish formation usually enhances selling pressure following a bottom support level breakdown. Nevertheless, recovery sentiments within the cryptocurrency market and RSI’s bullish divergence had Solana price triggering a bullish break from this setup.

Solana buyers overpowered the price setup’s descending trend-line on 18 March. That way, the after-retest surge sliced past the $120 area, reflecting a 55% upsurge within two weeks. The parabolic price move saw SOL attaining $144.5 highs. Moreover, the alternative coin touched its highest mark within the past two months.

Nevertheless, aggressive actions by sellers prevented a candlestick from closing beyond the resistance at $135. Meanwhile, a higher rejection candle shows possible minor retracement for the alternative token.

Solana gained approximately 2.14% today, reattempting to overpower the overhead hurdle at $135. Nevertheless, a tail rejection accompanying this candlestick supports a pessimistic reversal that might trigger a 10.5% fall to $120.

Solana will likely rely on broad market trends for its up-and-coming sessions. For now, the crypto space displays weakness. While publishing this content, the global cryptocurrency market value stood at 42.16 trillion, following a 0.25% drop within the past day. Keeping the bearish narrative in the near term will support SOL’s fall toward $120. However, trend-shifts to the upward will see Solana at the next resistance of $152.

SOL Technical Indicator

Vortex Indicator – The gap between the VI- and VI+ slope indicate a bullish tendency. Moreover, SOL shows buyers favoritism as it trades beyond the critical EMAs (20-50-100-200). Moreover, the 200-day Exponential Moving Average approaching the support at $120 might strengthen buyers’ strength in this area.

Resistance zones – $135, then $152

Support zones – $120, then $105.

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