Solana Price Consolidates Above $130 with Potential Breakout at $136
Solana is consolidating below a key resistance level at $136, which may trigger a bullish trend if surpassed. Recent technical analysis indicates this level is crucial for potential upward movement despite a bearish global market.
Market Recovery Post-False Breakdown
- Solana’s price chart shows recovery after a false breakdown below $100 in early April.
- This downturn followed a decline from the support range of $115 to $108.
- After dipping below $100, Solana rebounded, reaching above $130 but is now facing resistance around $136.
- The current consolidation between $130 and $136 is vital for Solana's bullish outlook.
- A liquidity imbalance from the earlier false breakdown may favor upward price movements.
A sustained move above $136 could indicate increased buyer strength. This potential bullish scenario arises even amidst overall market bearishness.
Potential Price Targets
- Current market conditions categorize Solana's setup as neutral, with no definitive trend.
- Bitcoin's ongoing consolidation impacts Solana's price movements closely.
- Closing above $136 may open targets at $140, $147, and $152.
- Solana is currently trading at $134.80, showing a 0.5% increase in 24 hours and a 15.6% rise over the past week.
- Support levels include $125.28 (Fibonacci 0.5 retracement), $129, $123, and $111 for potential corrections.
