Solana (SOL) is an advanced Layer 1 blockchain that has been recognized for allowing transactions to be processed quickly and with relatively low costs.
While Solana has been under price pressure lately, it continues to have active DeFi, NFT, and ecosystem projects that occur on the blockchain. At press time, the coin is trading at $83.34 with an increase of 3,36% over the past 24 hours.
Chart Signals Ongoing Downtrend Pressure
As seen on the daily TradingView chart, SOL is trading around the $83 mark after bouncing from the $76-$78 demand zone. Also, presently, the price is below both the 50-day and 200-day moving averages, which indicates the macro-level is still in a bearish condition.
In addition, the $160 200-day moving average shows how far the decline of prices has extended from their highest value to where they are now.
Furthermore, the MACD currently has negative territory, showing the signal line is also below zero, indicating momentum has not completely turned to the bullish side yet. If SOL can make a clear close above $82, it will set the stage for reaching the $88 area, but if SOL loses the $76 area, it may experience selling pressure once again.
Also Read: Solana Treasuries Bleeding: $1.5B Losses Hit as Buying Halts
Analyst Projecting $82-$88 Upside Target
Crypto analyst Ali Martinez indicated on X that SOL may experience upside potential at the $82 or possibly the $88 ranges due to bullish sentiment created by an increase in buying activity.
On his 4-hour price chart, there is a noticeable range in which SOL price has moved, with $76 acting as a support level and $88 acting as an upper resistance level.
The current price setup favors a bounce from support levels if bulls can continue to sustain their current momentum until SOL reaches these upside targets.
In conclusion, currently, SOL is attempting to stage a relief rally from key support levels, but until there is confirmation of a trend by staying above $88 with high purchasing volume in SOL price, SOL will remain under caution for holding onto long-term strategies.
Also Read: Solana Processes 10x More Transactions Than Base As Stablecoin Supply Jumps 6%