- The Solana price has retested the 100-day EMA mark and is at its crucial support zone of $150.
- The technical indicators suggest a possible rebound.
The Solana (SOL) coin price trades close to its upward trendline support mark and near the round mark of $150. In the last session, SOL attempted a bounce but faced rejection from its 50-day EMA mark.
Amidst the significant rejection, the long-term projections are directed toward bullishness, and the coin might trigger a pullback shortly.
The Solana coin trades in the bullish region and has yet to showcase any impulsive move. Once the SOL price exceeds the $170 mark, its next leg will be $200.
At press time, the Solana price traded at $152.10 with an intraday surge of 0.89%, reflecting neutrality on the charts. It has a monthly return ratio of 3.20% and 911.20% yearly, revealing a long-term uptrend.
The pair of SOL/BTC is at 0.0000308 BTC, and the market cap is $121.59 Million. Analysts are neutral and suggest that the SOL price may rebound soon and outperform in the upcoming sessions.
Analysing Solana (SOL) Price Action on Daily Charts
The daily charts of the Solana coin highlight a price retracement in the last trading sessions, which led to retesting the $150 mark. Moreover, SOL forms a rounding bottom formation and is still a suitable candidate to go long ahead.
The investors have continued showcasing their interest, and trading volume has risen in the past sessions. Notably, the volume surged over 16% to $3 billion in the last 24 hours.
Source: Santiment
Its momentum oscillators highlight mixed cues: the RSI curve hovers near the midline region and directs a negative crossover, while the MACD indicator shows red bars on the histogram.
Surge in Volatility and Weighted Sentiment
This week, the price volatility curve witnessed massive fluctuations and hinted at speculative moves.
Source: Santiment
Likewise, the weighted sentiment data looks bullish; it remained close to the midline region, at around -0.036.
However, investors are eyeing the upcoming Solana ETF launch, which might soon fuel the rally and lead to SOL prices going beyond the $200 mark.
What Do Social Metrics Highlight?
Nonetheless, the social dominance data remained flat, revealing users’ decent participation on social media platforms.
The value stood around 4.114% and is highlighting positive user engagement.
Source: Santiment
Similarly, the social volume activity looks neutral and stands at 142.
Analyst Ali Martinez, in his tweet, mentioned that SOL has formed a symmetrical triangle formation and is ready to trigger a major 53% price move! Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the SOL trend.
#Solana is set for a major 53% price move! Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the $SOL trend. pic.twitter.com/SB9tJ6D02u
— Ali (@ali_charts) June 12, 2024
Source: X
Futures OI Data Reveal Short Covering
In the last session, the SOL price retested the trendline support and decisively rebounded, leading to a short covering move.
The open interest value dropped over 4.30% to $2.07 billion in the last 24 hours and signals a probable bounce ahead.
The immediate support levels for the Solana coin are $145 and $140, whereas the key upside hurdle is around $157, followed by $165
Conclusion
The Solana coin price has taken support on the 100-day EMA mark and is trying for a significant pullback. Its price action is still favoring the bounce, and investors are eyeing a rebound to enter the trade.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
