Solana (SOL) price is nurturing a recovery rally along with the broader market as Bitcoin price reclaims $64,000.
Solana price is down 5% on the day, and over 20% over the last week. SOL could nurture a recovery if the bulls hold above $130.45. A break and close below $120 would invalidate the bullish thesis. Solana price is nurturing a recovery rally along with the broader market as Bitcoin price reclaims $64,000. Amid mounting selling pressure, SOL dipped 20% on the weekly timeframe and 5% in the last day. Also Read: Solana congestion troubles could end soon, testnet v1.18.
When the SMAs are climbing, it typically indicates a bullish trend in the price of the asset. Notice the Relative Strength Index has bounced above the 30 threshold, pushing north to show rising momentum. This is reinforced by the climbing 50, 200, and 100-day SMAs at $163.07, $131.39, and $93.40 respectively. Increased buying pressure could see the Solana price shatter resistance due to the 50-day SMA at $163.07.
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