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Solana Bulls Face Crucial Test at $146 as RSI Weakens

Coin WorldWednesday, Mar 5, 2025 6:03 am ET
1min read

Solana (SOL) price action on March 6 is being closely watched as bullish momentum faces a critical test at key resistance and support levels. Despite the persistent bullish trend, the price has encountered resistance at the $146 level, which could limit further gains. The Relative Strength Index (RSI) remains weak, while the Moving Average Convergence Divergence (MACD) indicator hints at a potential bullish reversal ahead.

On March 4, analysts predicted a bullish scenario for Solana, with the price potentially rallying to test resistance levels between $145 and $150. A successful breakout above this range could signal the start of a new uptrend. However, the overnight rally on March 5 saw SOL jump by 24.47% from $143 to $178, only to experience a sharp pullback shortly after.

On March 3, Solana's price reached a new resistance level at $179.87, driven by strong buying pressure. However, a death cross at 17:00 UTC led to a price decline, establishing new support levels. Looking ahead, key Fibonacci retracement levels above Solana's current price of $170.19 are $174.11 (0.618), $192.62 (0.5), $213.11 (0.382), and $241.50 (0.236), which could serve as potential resistance levels in the event of a rally.

Meanwhile, XRP price action on March 5 remained cautiously optimistic, with support at $2.25-$2.30 and resistance looming at $2.65-$2.80. The Bull-Bear Power (BBP) indicator for Solana memecoins, such as Popcat and Dogwifhat, confirmed weakening bullish momentum, with a negative reading of -0.047. This suggests that sellers remain dominant in the market.

As the market continues to evolve, it is essential to monitor key resistance and support levels for Solana and other cryptocurrencies. Analysts and investors alike are keeping a close eye on price action, as any significant breakthroughs or breakdowns could signal a shift in market sentiment and potentially impact the broader

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Intelligent-Snow-930
03/05
Death cross spooked the bag holders, huh?
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Smart-Material-4832
03/05
SOL's RSI is weak, but I'm holding long-term. This dip could be a dip buying opportunity.
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SuperRedHulk1
03/05
Popcat and Dogwifhat memecoins got nothing on SOL's real-world action. Keep your eyes peeled.
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Plane-Salamander2580
03/05
@SuperRedHulk1 LOL, true dat. SOL's like the meme king, but with real HODLers. 🚀
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No_Price_1010
03/05
Resistance at $146 feels like the crypto equivalent of hitting the glass ceiling. 🚀
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GoodCoffeee
03/05
@No_Price_1010 Feels like HODLing on a mirror, right? 🤔
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Protect_your_2a
03/05
Death cross looms, but bulls might not back down. Solana's got that memetic charm, right? 🚀
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infinitycurvature
03/05
@Protect_your_2a Death cross? More like "meme cross." LOL, who needs technical analysis when you have memetic charm, right? 🤔
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CorneredSponge
03/05
I'm HODLing SOL, expecting a bounce. Fibonacci levels are our new best friends.
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LabDaddy59
03/05
MACD flipping bullish? Maybe we're in for a ride. But those Fibonacci levels scare me.
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vivifcgb
03/05
Death cross on March 3? Yikes, but bulls bounce back. It's like watching a soap opera.
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WatchDog2001
03/05
Buying the dip or waiting for a pump?
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AlmightyAntwan12
03/05
RSI weak, but SOL's MACD looks promising.
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Current_Attention_92
03/05
MACD flip to green, bulls gearing up? 🤔
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Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.
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