While Bitcoin fights to stay above $54,500, Solana’s ETF filing by VanEck has served as bullish support during the bear run, with SOL retaining itself above key support zones while dropping by 8%. This is especially true when there are expectations of a Solana price rally, which helps to reinforce trader optimism.
In the case of the reversal, it is not as easy as it seems; the price may not start making a recovery immediately; it has to close the trading above the current levels and hit the upper target to ward off bearish pressure most efficiently.
SOL price has been working on a break below the descending trendline to set a new low as bulls regroup through buying pressure amid active selling. To part with the day on a bullish note can open the path to a strong rally above $133, the critical resistance level on the weekend.
In the daily chart for this particular token, we can, however, note a clear bullish support for the token as bulls hover close to overwhelming bearish volume.
The continuous rally stays clean within the pattern and completely widens from the general market, while its daily closing over $125 will support the beginning of a long-term recovery.
Furthermore, similar to the above chart, the RSI suggests a bullish reversal pattern, implying that the price is likely to reach the vicinity of $133, the prior interim high, soon.
The specific price range of $133 – $138 is important and has held well at lower levels in all prior extended bear phases. Closure between $125 and $126 could further lead to a vigorous bounce above $136 over the weekend.
On the other hand, failing to produce this level will lessen the value below $120, and any more profound support levels may be at $114 and, subsequently, $105.
Disclaimer: Cryptocurrency investments are considered high-risk and may result in an entire lack of capital; the facts provided are widespread, and beginners are not advised to spend money on shares.
