Solana (SOL) Price Analysis

Solana (SOL) has continued a strong bullish run, increasing by 4.14% in the last 24 hours. The price climbed from $136.66 to over $144 before settling slightly at $142.39.

Even with lower trading volume, the overall market sentiment stays positive. Investors are watching closely key resistance and support levels, eager to see if the uptrend will continue or reverse. Technical indicators are providing mixed signals, suggesting that SOL’s movement on March 6 could hinge on breaking critical levels and maintaining bullish momentum.

Mixed Signals as SOL Tests Key Price Points

SOL has formed crucial support levels, ensuring stability during price pullbacks. The strongest support zone is at $136.66, marking the lowest price seen lately. Additionally, the $138-$140 range has acted as a consolidation zone leading up to the latest rally, indicating active buying interest. If the price falls below these levels, further corrections towards $135 could occur.

Resistance at $146 — Key Barrier for Further Gains

Looking at resistance, the highest point reached in this cycle was above $146, marking a significant barrier to additional gains. The $144-$145 range has also proven difficult to overcome, as the price has met selling pressure in this area. A clear breakout above $146 could open the door for further upside potential, possibly pushing SOL up toward the $150 mark in the short term.

Technical Indicators Show Uncertain Momentum for SOL

Technical indicators show mixed momentum for SOL. The Relative Strength Index (RSI) is currently at 39.84, indicating weak momentum. Although the RSI has risen from oversold territory, suggesting a possible rebound, it remains below the neutral 50 level, indicating that buying pressure is not yet dominant.

The Moving Average Convergence Divergence (MACD) presents a slightly different outlook. The MACD line has crossed above the signal line, hinting at a potential bullish reversal; however, the histogram remains negative, indicating that bearish momentum has not completely faded. If the MACD continues to rise, it could confirm an upward trend shift.

Derivatives Data Shows Mixed Trader Sentiment

The derivatives market data reveals mixed trends. According to Coinglass data, trading volume in Solana’s derivatives market has dropped by 28.06% to $15.58 billion, suggesting lower speculative activity. However, open interest has increased slightly by 0.81% to $3.99 billion, indicating that traders are still betting on future price movements.

Options trading shows a different trend, with volume rising by 11.71% to $5.28 million, signaling growing interest in SOL’s price action. Moreover, options open interest has surged by 34.76% to $10.77 million, suggesting increased demand for options contracts.

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