Solana Faces Crucial Test at $176 Following Strong Rebound
Solana (SOL) has leaped 17% from its recent support level, rallying away from a robust $143 zone.Now, price action is approaching a significant $176 resistance.The outcome of this test can determine Solana’s next move.
The asset has bounced off from the $143 level backed by the 0.618 Fibonacci retracement adn weekly support. This has led price into a region loaded with several overhead resistances, including the point of control and key Fibonacci levels.
Key Points:
- Strong Bounce at $143: The price surged 17% after holding a critical support zone.
- $176 resistance: Price now faces a cluster of resistances.
- Range or Breakout: Breaking $176 could signal a bullish trend, while failing could lead to consolidation.
Solana’s price movement from $143 was technically spot-on, with the support reinforced by Fibonacci levels, sparking a 17% increase. Now, the asset is grappling with a resistance area around $176.
This $176 region includes the point of control, a key Fibonacci retracement, and a significant flip zone. A decisive break above $176 could propel Solana higher, while rejection might see prices retreat into the $143-$176 range. You can view a chart here.
As Solana stands at a crossroads, its performance will define the upcoming price action. Traders should closely monitor the outcome of this critical test.
