Solana’s recent retracement finds crucial support at $120, setting the stage for a potential relief rally in the coming week. Amidst a bearish weekend fueled by geopolitical tensions in the Middle East, Solana’s price correction seeks stability at this key level to prevent further decline.
An ascending trendline governs Solana’s ongoing uptrend, with $120 forming a high-demand zone for potential buyers. Despite recent sell-offs attributed to Bitcoin-halving FUD and geopolitical tensions, Solana defended this level, rebounding thrice and indicating strong accumulation during market dips.
Recent price action on April 13th showcased buyers defending the $120 support, signaling potential sustainability above this level. A reversal from this support could prompt buyers to challenge the immediate resistance at $162, paving the way for a higher rally towards surpassing the $210 high.
Technical indicators, including the Vortex Indicator and Exponential Moving Average, highlight the current market sentiment. While sellers remain aggressive according to the Vortex Indicator, Solana’s price trading above the 100-and-200-day EMAs signifies a bullish trend, reinforcing the potential for a relief rally towards $120.
