- Solana price jumped 7.72%, hitting an intraday high of $112.30 and pushing its market cap to $56 billion.
- The analyst predicts Solana’s price could drop to $58 if it fails to reclaim the $121 support level.
Solana (SOL) recorded a 7.72% price increase which brought its value to $112.30 in the last 24 hours before slightly pulling back to its current trading level of $109.99. The market capitalization of Solana has reached $56 billion due to this recent price increase. Despite this, Solana’s 24-hour trading volume dropped 4.37% to reach $6.9 billion, demonstrating rising pressure and intensive market sentiment.
During the past day, Solana experienced price swings reaching a minimum of $99 while reaching a maximum of $111 despite continuous market instability. On April 7th, analyst Ali projected a breakdown in Solana’s price after its recent dip below key support levels. The chart shows a strong descending trend, indicating that the price of SOL could continue to fall toward the $58 mark, a significant support zone.
The breakdown comes after the coin’s price fell below the critical level of $121, Analysts predict that if Solana fails to reclaim $121, its price could drop further to $58, signaling a bearish shift
Technicals Indicate Solana’s Potential to Break $112 and Reach $120
Solana’s recent price action has led to mixed signals from its technical indicators. The Relative Strength Index (RSI) measures 40.51 which places the coin in a neutral state. Solana’s position in the neutral zone indicates it is not overbought or oversold therefore setting the conditions for a possible upward movement in case buying momentum strengthens.
The MACD indicator currently tracks downward as its lines remain at -6.82 below the signal line, holding at -8.07. A bearish trend exists per market indicator data though the situation might change if market conditions improve.
Solana’s immediate resistance is at $112.58, and breaking this level could push the price toward $120. After recently testing the $112 resistance and facing rejection, a successful reclaim of this level could lead to a rally towards $120. Traders should watch this key level closely, as a break above $112 could signal a reversal. However, if the price fails to hold above $106.65, further downside could push Solana towards the $100 range.
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