Solana Approaches Key Resistance Level, Bullish Momentum Continues
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Market Indicators Signal Potential Correction
SOL’s recent performance also highlights mixed signals in the market. While its netflow turned positive with an inflow of $48 million as of September 21, 2024, this suggests increasing selling pressure. A hike in selling pressure generally points to a potential price correction. The bearish sentiment was also echoed by the fact that more short positions than long ones were taken, indicating caution among traders.
Despite this, the MACD (Moving Average Convergence Divergence) remains bullish, signaling that buyers still hold an advantage in the market. This balance between bullish and bearish signals means the price could either correct or maintain its upward trajectory.
Key Support Levels to Watch
If the current downturn continues, Hyblock data suggests SOL has strong support at $144. Should Solana rebound from this level, it might aim for a price of $150, followed by the next target of $156. Investors are keenly watching whether Solana can break above the $154 resistance, which could unlock further upward momentum.