Solana (SOL) shows promising recovery signs after bouncing off a key support level around $168, according to GemXBT's analysis on X. This price action suggests a solid foundation, potentially attracting more buyers and fueling upward momentum.
Currently, SOL trades above the 5-day and 10-day moving averages, a bullish indicator. A bullish crossover in the MACD further confirms upward momentum, while the RSI approaches neutral levels, allowing room for further movement.
Whales_Crypto_Trading noted on X that Solana is approaching a key breakout from a broadening wedge formation on the 4-hour chart. An upward breakout could trigger a rally toward resistance levels at $215, $228, $243, and $265.
However, the key resistance for SOL is near the $180 level, which could present a hurdle for the ongoing rally.
This article is based on our author's analysis of materials taken from the following resources: X posts by GemXBT and Whales_Crypto_Trading.