Is SOL Preparing for a Rebound Above $130?

The recent VanEck’s Solana ETF filing appears to have held the token in bearish times as Bitcoin remains stuck under $54,500. Although the star token dropped over 8%, the SOL price managed to hold back the levels above the critical support zone. This validates the growing optimism about crypto as traders continue to remain bullish on the Solana price rally. 

Even in case of a reversal, it may not begin with a steep recovery as the price is required to close the day’s trade around the current levels and also secure the upper target to nullify the bearish heat. 

The SOL price is trying hard to form another lower low as the bulls are preparing to trigger a bullish rebound. The buying pressure is slowly rising after withstanding immense selling pressure in the past couple of days. Therefore, the token is believed to close the day trade on a bullish note which may pave the way for a strong recovery above the crucial resistance at $133 during the weekend. 

The daily chart shows the token is receiving strong support from the bulls as they are closer to overcoming the bearish volume. The rally remains intact within the pattern regardless of the broader market dynamics and hence a daily close above $125 may validate the beginning of a strong recovery. Besides, the RSI has also triggered a bullish reversal suggesting the price may soon reach the interim highs at $133. 

The price zone between $133 and $138 can be considered pretty crucial, as the levels have offered a strong base in times of extended bearish action. Therefore, a bullish close within the range of $125 and $126 may pave the way for a strong recovery above $135 during the weekend. However, a failure may lead the levels to plunge below $120, which may further extend to $114 and later to $105.