Will Solana Price Soar to $120? Multiple Support Sets Stage for Relief Rally
Highlights
- An ascending support trendline governs the ongoing trend uptrend, In Solana.
- The confluence of the technical level at $120 creates a high-demand zone for potential buyers.
- The 24-hour trading volume on the Solana coin is $67.9 Billion, indicating a 70% gain.
This weekend was aggressively bearish for the cryptocurrency market attributed to geopolitical issues in the Middle East. The recent attack of Iran on Israel caused panic selling among market participants and led to a prolonged correction in the majority of major cryptocurrencies including Solana price. The falling SOL price now seeks support at the $120 floor preventing the asset from a major downfall.
Also Read: 5 Solana Rival Altcoins To Sell Before BTC Halving In April
Solana Defends Key Trendline Against Market Sell-Off
In the last two weeks, the Solana coin witnessed an intense sell-off which plunged its value from $204 to a low of $116. This aggressive correction can be attributed to the FUD surrounding the upcoming Bitcoin-halving or geopolitical tension rising in the Middle East.
However, the falling SOL price found a surge in demand pressure at the $120 level coinciding with an ascending trendline, which led to recovery for the past five months. The coin price rebounded thrice from this dynamic support indicating the traders activity accumulating this asset at market dips— a key sign of an established rally.
On April 13th, the Solana price showcased a long-tail rejection candle at this aforementioned trendline projecting the buyers continue to defend this support. The coming week should be crucial for SOL coin to showcase its sustainability above $120.
A potential reversal from this support should encourage buyers to challenge the immediate resistance of $162 as an opportunity to obtain the next stepping stone for a higher rally.
The post-breakout could push the Solana coin to surpass $210 high.
Technical Indicator
- Vortex Indicator: A massive gap between the VI- and VI+ slope indicates the sellers are aggressive in nature.
- Exponential Moving Average: The Solana price trading above the 100-and-200-day EMAs accentuates the broader trend and remains bullish.
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