Solana Bulls Face Crucial Test at $146 as RSI Weakens
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 