Source : coingape.comhttps://cdn.coingape.com/wp-content/uploads/2021/12/28010158/solana.jpg
Solana (SOL) price trades with gains on Saturday after a series of range-bound sessions. Still, the pair is not out of the wood yet. Investors must cross the threshold of January 22 highs around $114.21. The pair is under the formation of lower highs and lower lows since December 4.
In the past seven days, SOL has depreciated almost 30% and sellers continue to dominate the price action. At the time of writing, SOL/USD is trading at $96.23, up 5.36% for the day. The current market cap ranked no. 7 at $30B as per the CoinmarketCap.
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Technically speaking, Solana’s (SOL) price has taken a breather after rout of selling near the weekly support. Some upside momentum is expected from this level as indicated by other technical indicators.
The daily relative strength index (RSI) reads at 28 and is on the brink of a bullish crossover. Buyers could attempt the recovery from the recent lows of $90.00 with an appetite for 33% returns.
Bulls needs to test the horizontal resistance level of $ 141.76 then only it can be a trend reversal condition for the SOL.
Source: Trading view
Alternatively, if the price breaches the weekly lows of $80.67 then the market participant could meet the next horizontal support zone at $62. The levels are last seen in August.