Solana Surges Over 14%, Reclaiming $135: Has the Stage Set for a Full SOL Price Recovery? (2024)

Sahana Vibhute

Sahana Vibhute
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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
Aug 6, 2024 15:46 UTC
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Solana Surges Over 14%, Reclaiming $135: Has the Stage Set for a Full SOL Price Recovery? (5)

The crypto markets have been shaken by the recent collapse but some of them are using this as a strong buying opportunity. As a result, Bitcoin quickly recovered above $55,000, which has initiated a strong ascending trend among some altcoins, including Solana. Solana has been demonstrating acute strength since the beginning and hence, with a slight change in market dynamics, the token was expected to kick off a recovery.

The SOL price just hit the pivotal support close to $120 during the previous day’s trade, which attracted significant bullish volume. The current volume is not even half of yesterday’s selling volume, which has been a matter of concern. Besides, the TD sequential indicator continues to flash a sell signal for Solana, which suggests a potential dip below $135.

Solana Surges Over 14%, Reclaiming $135: Has the Stage Set for a Full SOL Price Recovery? (6)

The TD sequential indicator is bearish but also suggests a potential reversal if the price surges above $146, which may invalidate the bearish trajectory. Additionally, this move could drive the SOL price above $150, which may further elevate to $166. However, the token remains within a bullish range and hence the next couple of days need to be closely monitored as they are extremely crucial for the SOL price rally.

Luckily, the SOL price continues to hold a key support range in the long term, while the weekly candle continues to remain green. Hence, keeping up the probability of a new ATH in the coming quarter, possibly in Q4.

Solana Surges Over 14%, Reclaiming $135: Has the Stage Set for a Full SOL Price Recovery? (7)

The weekly chart suggests the Solana price has received immense bullish support after experiencing one of the most bearish weeks. While the RSI remains under bearish influence within a descending parallel channel, the possibility of re-testing the support could prevail. However, the token appears to be poised to fight the bearish heat and if it secures its level within the upper resistance zone between $152 and $158 by the end of the week, bulls may conquer the rally.

Therefore, the next few days can be pretty important for the Solana (SOL) price rally, which may display the next price action for the crypto.