Solana Technical Analysis: 22 MAR 2025
Bulls looking to challenge range highs! Source: TradingView
General View
Solana remains within a well-defined range, consolidating between key support and resistance levels. However, after holding the mid-range point, the price has bounced strongly, signaling buyer interest at these levels. Now, Solana is approaching the mid-mid point. If bulls reclaim this level, another push toward the range high could follow. On the contrary, any rejection here would increase the likelihood of a retest of the range mid-point.
On the Upside
to maintain the momentum, bulls need to find acceptance above $130.90 level. This is the mid-mid-range and acceptance above this would open the short-range between 130 to 137. This has been a major rejection area in recent price action, so a breakout above would signal strength and potentially initiate another leg higher.
On the Downside
If Solana fails to hold the mid-mid point, sellers could push the price lower toward the range mid-point at $125.70. A breakdown below this level would signal short-term weakness, potentially leading to a drop toward the mid-mid point at $120.75. Increased volatility is expected later in today’s session.
Bulls are about to strongly challenge the descending trendlines. Source: TradingView
