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Solana has shown marked resilience over the last 24 hours, with a significant increase of 9% that suggests a possible change in market sentiment. Solana’s value became very volatile, descending to roughly $128 or a fall of 10% over seven days and more than half from its highest price ever in 2021. This has been made worse by recent rumors on investigations on the blockchain platform which have led to Solana losing at least $3 billion in market cap.
This indicates that there is an increased investor interest as its trading volume surged by 122.26%, while its price rose by 9.39% within this period. However, Solana has seen its valuation correct downwards by about 19.76% over the past 30 days
Solana's price at $135.55 is showing a strong recovery above this critical level. After a previous decline, the price has turned around to show positive movement. The 20-day SMA is currently located at $145.86 which Solana may test soon if it continues to move upwards. At the same time, the Moving Average Convergence Divergence (MACD) shows a decrease in the red histogram suggesting a decrease in selling pressure and a possible shift towards buying dominance.
The next resistance level to watch if Solana maintains its bullish momentum is $155. On one hand, this level served as a strong psychological barrier and a technical threshold before. If this resistance is decisively broken, the way might be open for $181.50 which implies a significant breakout on the bullish side.
Conversely, in case bearish pressures take charge and the price cannot sustain its present recovery, Solana could move lower back toward major support found at $127. This support line is historic and could be crucial in determining Solana’s price direction over the following weeks of trading.
The technical indicators suggest mixed signals; while the SMA is gearing up for a bullish crossover, the MACD's current trajectory needs to stabilize and shift toward positive momentum to confirm a stronger buying trend. Solana's ability to either breach the $155 resistance or hold above the $127 support will be critical in setting its medium-term market trajectory.
