Solana has shown signs of recovery as it rebounds from the $128 zone, with the price up over 6% and bullish sentiment aiming for the $150 level.
The recent price movement saw SOL surpassing the $132 resistance against the US Dollar and is currently trading above $135 and the 100-hourly simple moving average. Additionally, there was a break above a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair.
The outlook for Solana suggests a potential rise towards $150 or even $155 in the near future. Despite outperforming Bitcoin and Ethereum in the past two sessions, Solana has faced some resistance near the $144 level, with the next major resistance at $150. A successful break above $150 could pave the way for further gains towards $155 and potentially $162.
However, if SOL fails to surpass the $144 resistance, a decline might be on the horizon. Initial support is seen near $136 and the 100-hourly simple moving average, followed by major support at $128. A further decline could test the $120 support, and if broken, the price might head towards $112 in the short term.
Technical indicators such as the MACD and RSI show bullish momentum for SOL/USD, indicating a positive outlook for the cryptocurrency.
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In conclusion, Solana’s price prediction of a $150 rebound reflects the optimism among SOL bulls, with technical indicators supporting a positive outlook for the cryptocurrency. As investors navigate the volatile market conditions, expert analysis and insights from professionals like Aayush Jindal can provide valuable guidance for making informed investment decisions.