Solana is demonstrating renewed strength, reclaiming the crucial support level of $141.19 and forming a double base pattern on its daily chart. This bullish formation coincides with positive momentum indicated by rising volume and MACD crossover, suggesting potential for a breakout above resistance at $152. 📈
The recent price surge has led to a significant increase in derivatives trading activity. Over $50 million worth of short positions were liquidated, further supporting the bullish trend.
Technical indicators also support this view: The MACD line shows early signs of a bullish crossover, while the RSI hints at positive momentum with an upward slope.
Analysts closely watch for confirmation of a breakout above the $152 resistance level. If confirmed, Solana’s trajectory could target further gains toward $170 and beyond.
Key insights:
– The double base structure signals a potential recovery phase.
– Rising volume and MACD crossover suggest bullish momentum.
– Short positions were liquidated, indicating increased long/short ratio favoring buyers.
– The TD Sequential indicator flashed a buy signal, signaling easing downward pressure.
– The key support level remains at $141.19. If this holds, the short-term bias remains bullish.