Solana shows potential for recovery as it bounces from key Fibonacci support, with analysts advising long-term accumulation.
Over the past 24 hours, Solana (SOL) has demonstrated a mild uptick, rising by 0.4% to reach a current price of $138.33. This slight recovery follows a series of fluctuations, with the crypto asset briefly testing highs of $142.84 before dipping back below $137. Over the past 7 days, SOL has experienced a decline of approximately 13.3%, while in the 14-day timeframe, its performance is also in the red, down by 11.8%.
While the broader crypto market has faced significant challenges over the last week, the recent price action signals that a recovery might be brewing. Solana now boasts a market cap above $77 billion, up 0.5% in the past 24 hours.
Solana Price Analysis
Amid the ongoing trend, SOL’s 4-hour chart reveals a key development that could indicate the crypto is nearing a potential bottom. Specifically, Solana has been experiencing a downtrend, as shown by the price movement within the Fibonacci retracement levels.
The most recent price action has tested the 0 Fibonacci level at around $128.78, which acted as a support zone. If the price fails to move below it again, it could act as Solana’s bottom, launching a surge to test new resistance.
The next resistance for SOL exists at $145.25, which corresponds to the 0.382 Fibonacci retracement level. If Solana breaks above this level, the next key resistance would be at $150.33 (0.5 Fibonacci level), followed by $155.42 (0.618 Fibonacci level).
Looking closer at the technical indicators, the MACD shows signs of potential bullish reversal. Specifically, the histogram is showing green bars, indicating weakening selling pressure, while the MACD line has crossed above the signal line. This suggests that the downtrend may be losing steam, and a reversal could be imminent.
Analyst Says Hold Tight
Shifting to the social commentary end, analyst ManLy recently commented that while SOL has dropped to $138, with a market cap of approximately $76.6 billion, this should not be confused with short-term pain versus long-term potential. He highlighted that the 24-hour trading volume remains strong at over $5.6 billion, indicating active liquidity in the market.
On the blockchain front, ManLy acknowledged that daily active addresses have dipped due to the cooling of the memecoin hype. However, the network continues to handle approximately 2 million active addresses and 56 million transactions every 24 hours.
He emphasized that developers and infrastructure are still actively building, despite a general lack of attention from many investors. ManLy stated that he is not panicking and is instead accumulating, as he believes the ecosystem’s growth momentum is quietly building and that the price has yet to reflect this. He urged others to hold tight during this phase.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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