SOLANA CHECKING IMPORTANT RESISTANCE ZONE, UPWARD TREND UNDER DOUBT
Solana is currently trading around 86.67 USD and continues to test a key resistance zone near the Fibonacci level of 0.382 at 86.5 USD. Meanwhile, the two SMA50 lines at 86.47 USD and SMA100 at 86.10 USD are forming a tight support zone, helping the price maintain a short-term bullish structure recently.
However, many analysts believe this rally is not yet convincing as trading volume hasn't surged significantly. If SOL fails to decisively break through the current resistance zone, profit-taking pressure might kick in, pulling the price back down to test the support zone below. The market is closely monitoring SOL's reaction in this area to determine whether the bullish trend will continue or not.
⭐️ Sign up for a Binance account to receive a 20% rebate on Spot, Futures, and Margin trading fees permanently:
➡️ Rebate link: https://accounts.binance.com/register?ref=KO2C41E8
- Referral code: KO2C41E8
Solana is currently trading around 86.67 USD and continues to test a key resistance zone near the Fibonacci level of 0.382 at 86.5 USD. Meanwhile, the two SMA50 lines at 86.47 USD and SMA100 at 86.10 USD are forming a tight support zone, helping the price maintain a short-term bullish structure recently.
However, many analysts believe this rally is not yet convincing as trading volume hasn't surged significantly. If SOL fails to decisively break through the current resistance zone, profit-taking pressure might kick in, pulling the price back down to test the support zone below. The market is closely monitoring SOL's reaction in this area to determine whether the bullish trend will continue or not.
⭐️ Sign up for a Binance account to receive a 20% rebate on Spot, Futures, and Margin trading fees permanently:
➡️ Rebate link: https://accounts.binance.com/register?ref=KO2C41E8
- Referral code: KO2C41E8