Solana Price Surges 5% as Bullish Momentum Builds

Solana (SOL) is currently trading at $133.48, exhibiting early signs of a potential reversal. The price has crossed above both the 5-day and 10-day moving averages, indicating a shift in market sentiment. The Relative Strength Index (RSI) is approaching the 50 level, which suggests strengthening bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) has formed a bullish crossover under the zero line, further supporting the notion of a trend change. The increase in trading volume during the recent dip signals strong interest from buyers at lower prices, which is a positive indicator for bulls.

According to an observation by GemXbt, Solana’s price movement has shown early recovery signs after reaching a low of $126. The current price action above the short-term moving averages suggests that buyers may be gaining control. The RSI nearing the midline adds to the case for renewed bullish momentum. The MACD indicator has completed a bullish crossover below the zero line, which can often indicate a trend change if supported by volume. The increase in trading volume during the recent pullback reflects renewed interest, especially as larger holders are seen accumulating tokens below $140.

Analysts have noted that the correction may be near exhaustion, though further confirmation is needed from price action above $139.55. SOL has remained above the 61.8% Fibonacci retracement level drawn from April’s low to May’s high. This key support lies near $130. A daily close above this level could strengthen the argument for a continued recovery. If the price breaks $139.55, it may open the door toward $156 in the short term. According to an analysis, a double-bottom or W-pattern is forming on the 4-hour chart. The setup points to a potential breakout if SOL holds above the neckline. With ongoing accumulation and positive short-term signals, traders continue to watch the $138 to $140 zone as critical support.