Solana Price Faces Resistance at $170 Before Potential Rebound to $900
Solana is currently struggling to maintain its price above $150 amid bearish market conditions and reduced investor activity. Analysts suggest a potential rebound as market sentiment improves.
Reasons for Bullish Sentiment
- Recent market analysis indicates strength following a rebound in early April.
- Solana bounced off the 1-Week MA200, leading to multiple weekly closes in the green.
- The next key resistance level is the 1-Week MA50 around $170, which if broken, could turn into support.
Price Targets
- A successful break above $170 could indicate a bullish trend towards $200.
- Further gains may lead to a target of $350, identified as the higher high of a wedge formation.
- A clean break over $350 could position Solana for an upward trajectory to $900, based on historical correction patterns.
