Solana Tags Upper Bollinger Band for First Time Since $270
Solana (SOL) is experiencing early recovery signs, trading above $135 after several days of selling pressure. Key points include:
- SOL must reclaim important technical levels for sustained uptrend confirmation.
- Analyst Big Cheds noted that Solana tagged the upper Bollinger Band, a bullish signal not seen since its price was around $270.
- Current market sentiment remains cautious, with concerns over potential bear trends leading some investors to exit positions.
- Solana is currently 51% below its January all-time high, indicating significant correction.
- Resistance at $150 poses a challenge; failure to break through may signal further downside risks.
- A decisive level for recovery lies between $170 and $180, which needs to be reclaimed for SOL to gain momentum.
- Continued rejection at $150 could lead to drops below $135, heightening bearish sentiment.
Investors are closely monitoring price action as SOL navigates these critical levels amidst market uncertainty.