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The Solana price analysis reveals that SOL has recovered from a crucial price point after testing a critical support level. Solana was on the rise on June 12th, and it hit the daily high of $161. 5. This rise is in line with a general market bounce back, which has been triggered by crypto investors responding positively to the latest U. S. Consumer Price Index (CPI) figures.
The trading activity on Solana’s chart shows that after reaching the high of $161.5, the price corrected slightly but found steady support near $150—a crucial level that has historically acted as both resistance and support. This zone is quite important as it coincides with Solana’s long-term ascending support trend line, which means that this area can be considered as a bounce or support level for the coin.
Solana (SOL) seems to be on the path to recovery after a volatile period in the cryptocurrency markets, as per the 4-hour chart analysis. The chart shows that SOL has been oscillating in a range defined by the upper and lower Keltner Channel lines, which offer information about the asset’s volatility and price fluctuations.
At the time of writing, SOL is near the lower boundary of the channel, which suggests a support level of approximately $152. 12. This level, slightly above the recent lows, can be used as a key level for Solana as it tries to bounce back.
The technical indicators on the 4-hour chart show that traders are somewhat optimistic. The Money Flow Index (MFI), which currently stands at 23.07, indicates that the crypto is oversold suggesting that the selling pressure may be easing and could reverse if the buyers pull out.
Also, the Aroon Indicator reveals a higher Aroon-Up line at 71.43%, which is much higher than the Aroon-Down line of 35.71%, which means that upward movement may be beginning to take precedence. Such signals indicate that if Solana is to sustain its price above these levels, there could be a possibility of a bullish turn shortly.
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