For the first time since its most recent little drop, Solana is creating ripples in the market. Solana has made an unanticipated return and has been pushing against significant technical obstacles. Recent actions indicate that it could be about to regain its place inside the ascending price channel shown on the SOL/USDT chart.
Recently, Solana has been trading at the lower end of its rising price range, which is presently about $105 or so. The fact that the asset has recovered from this level suggests a robust support area that may help spark a resumption of the prior positive trend. With a recent low and a possible rise, SOL’s tenacity is demonstrated by its current trading price of about $111.
The $120 mark is the next major obstacle for SOL, and a break of it might validate the asset’s return to the upward channel. If prices were to rise over this barrier, further buying interest would probably come in, which might lead them to greater resistance levels at $130 and above.
Support levels to keep an eye on are at $105, which is the price channel’s bottom limit, and $100, a psychological level that also happens to be the 100-day moving average. Despite being put to the test, these levels have remained stable, indicating high buyer interest.
The price of Solana is continuing to rise above significant moving averages and is making an effort to break through the bottom boundary of the ascending channel, indicating a positive reversal in the trend. Growing interest in the asset is shown by the volume profile.
In the optimistic scenario, SOL breaking over the $120 resistance level would probably indicate a strong return to form and might spark a rally similar to those seen at its previous highs.
