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Solana is showing signs of pre-breakout behavioras it consolidates below an important price threshold. According to a new technical analysis shared by RLinda on the TradingView platform, the $136 level is currently a decisive resistance point, and Solana’s current trading behavior suggests that a move above this level could ignite a fresh bullish push even as the global market situation is bearish. Solana Finds Stability After False Breakdown
The current structure of Solana’s price chart reflects a notable recovery after what the analyst described as a false breakdown below the range support zone. This false breakdown refers to the price crash between the last week of March and the first week of April, during which the Solana price briefly broke below $100.Notably, this break below $100 came as an extension of a decline run after a break below a key support range between $115 and $108. Related Reading Solana Price To Drop To Double Digits? Major Levels To Watch For Entries 1 month ago
After briefly dipping below key support, Solana quickly rebounded, and the market responded withrenewed buying pressure that sent its price back above $130. However, this push is starting to slow down, with resistance at $136 and a consolidation phase between $130 and $136.
This consolidation range is proving to be an important zone for Solana’s bullish potential going forward, according to RLinda. This behavior is further reinforced by liquidity dynamics. The analyst highlights a liquidity imbalance created by the recent false breakdown, which could favor upward price movement as Solana bulls seek to reclaim the upper zones above $136. Source: RLinda on Tradingview
A sustained move above $136 could serve as the initial trigger for a breakout, potentially shifting short-term market sentiment in Solana’s favor. If this scenario unfolds, the move would provide technical confirmation of growing strength among buyers. This bullish potential is notable, even as RLinda noted that the global market situation is bearish. Breakout Above $136 Could Unlock Higher Price Targets For Solana
Speaking of the bearish global market situation, RLinda’s analysis categorizes the local Solana setup as neutral, indicating that the price is in a rangerather than exhibiting a definitive trend. Crypto market dynamics also lend weight to the bullish outlook for Solana. Bitcoin, the dominant force in the crypto market, is itself undergoing consolidation and has been highly correlated with Solana’s movements in recent weeks. Should Solana manage to close and consolidate above $136, the chart opens up to a sequence of local targets, with the $140, $147, and $152 levels becoming the following areas of interest. Related Reading Ethereum, Solana And Cardano Trend After Crypto Crash – Here’s What You Should Know 1 week ago
At the time of writing, Solana is trading at $ 134.80, up 0.5% in the past 24 hours and 15.6% in the past seven days. Even if the outlook is bullish, minor corrections may still occur as this process unfolds. In such a scenario, the Fibonacci 0.5 retracement, located around $125.28, will provide a cushionfor price corrections. As such, any short-term dip from the current price level may be met with strong support and accumulation at the Fib retracement. Other support levels are at $129, $123, and $111. SOL trading at $134 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com