Solana Bulls Defend Critical Support, Eye $164 Resistance
Solana's price has regained bullish momentum after successfully defending its $137 support level. Buyers have stepped in to protect this key zone, driving the price upward as it targets the $164 resistance level. This renewed strength brings the 100-day Simple Moving Average (SMA) into focus, a critical barrier that could determine whether SOL extends its rally.
The Moving Average Convergence Divergence (MACD) indicator is signaling a potential shift in momentum, with the MACD line approaching a crossover above the signal line. This classic indication of improving buying pressure suggests bullish forces are gaining traction.
However, risks remain, and SOL bulls may fail to sustain the bullish crossover, potentially leading to another period of consolidation or pullback. A decline in trading volume alongside weakening indicators would confirm a slowdown, increasing the risk of another bearish turn.