Solana Comeback Raises Hopes for a Rally Toward $157

Solana is holding slightly above the $125 support level, suggesting a potential bullish recovery toward $157, supported by multiple long-tail candles.

Altcoins are gradually gaining momentum, with Bitcoin trading at $87,000 after an overnight recovery. Solana, the sixth-biggest cryptocurrency, has registered a 5.52% recovery in the past 24 hours.

Now, Solana is trading at a market price of $144. Will this short-term recovery result in a new bullish trend in Solana?.

Solana Sustains Above $130, Is $157 on Horizon?

On the daily chart, the SOL price trend shows a lower price rejection on March 4, with a 24-hour low at $130. Buyers managed to push the SOL token price higher, resulting in a 1.18% recovery by the end of the day.

Solana Price Chart

Currently, the SOL price action reveals a Doji candle formation, indicating uncertainty in the price trend. However, the lower price rejection near $130, indicated by multiple intraday candles, reveals strong support for Solana at lower levels.

The overall downtrend has resulted in a death cross between the 50- and 200-day EMA lines. However, significant price fluctuations have caused the MACD and Signal lines to converge, leaving the momentum indicator uncertain. Meanwhile, the dynamic average lines signal a potential selling opportunity.

Growing Supply to Pressure SOL Prices?

Although Solana shows a lower price rejection, growing supply pressure may warn of a potential bullish failure. According to a recent tweet by LookonChain, a crypto whale recently unstaked nearly 134,902 SOL tokens worth $19.3 million.

After unstaking, the whale placed multiple limit orders to sell 135,000 SOL tokens. These orders range between $171 and $294.8, reflecting the whale’s optimism about future prices.

Additionally, the unstaking of FTX/Alameda’s sole balance signals a potential supply surge. Of the 3.30 million SOL holdings, worth $31.3 million, FTX recently unstaked a batch of 58,964 SOL tokens valued at $8.52 million. Post-staking, these tokens were quickly moved to Binance to be offloaded onto the market.

Where’s SOL Price Headed?

According to Fibonacci levels, SOL price fluctuations are occurring between the $125 support level and the 38.20% ceiling at $177. The recent comeback in Solana will likely challenge the 23.60% Fibonacci level at $157.

On the other hand, a bearish continuation below the $125 support level would likely test the $100 psychological mark.

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