Solana (SOL) price rises for the second consecutive day while cheering an upside break of a seven-week resistance, up 1.0% intraday to $126.15 by press time of early Wednesday in New York.
Apart from an upside break of the descending resistance line from November 11, bullish signals from the stochastic momentum indicator also lure buyers.
However, the altcoin is still down over 30% for the year, facing a three-month downtrend.
Notably, sluggish trading volume and downbeat market capitalization (market cap) also test the SOL buyers as they approach the key resistance line from September.
That said, Solana’s daily trading volume eases for the third consecutive day to $2.19 billion, while the market cap fades the mid-December rebound from the lowest level since April, falling to $67.45 billion by press time, according to Santiment.
Apart from the technical details, the year-end inaction, a lack of major data/events, and a firmer U.S. dollar also flag hardships for the Solana buyers.
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Solana Price: Daily Chart Suggests Consolidation of Losses
Solana price extends Tuesday’s upside break of a seven-week resistance line, now immediate support now near $123.00. Adding strength to the recovery hopes is the rebound in the stochastic momentum indicator.
Still, a downward-sloping resistance line from September 18, close to $127.00 by press time, appears to be a tough nut to crack for the SOL buyers.
Following that, the 78.6% Fibonacci retracement of Solana’s April-September upside, near $129.20, quickly followed by the $130.00 threshold, could test the altcoin’s further upside before welcoming the bulls.
In a case where the Solana price remains firmer past $130.00, an eight-week-old horizontal resistance near $146.00, the 61.8% Fibonacci ratio of $155.75, and the 200-day Exponential Moving Average (EMA), surrounding $163.90, will be in the spotlight.
On the contrary, Solana’s fresh fall remains elusive as long as the price stays beyond the resistance-turned-support of $123.00.
Following that, Friday’s low of $119.00, the monthly low of $116.94, and a descending trendline from November 21, near $114.70, may flash on the bear’s radar before directing the prices toward April’s bottom of $95.33. During the anticipated move, the $100.00 psychological magnet will be crucial to watch.
Solana Price: Four-Hour Chart Highlights Short-Term Trading Range
On the four-hour chart, the Solana price seesaws between a 12-day-old ascending support line and the 200-bar EMA, currently between $121.90 and $131.20.
That said, the stochastic line is near the 50.00 neutral level and favors the current recovery momentum, suggesting an upside break of the 200-bar EMA hurdle of $131.20.
However, a horizontal resistance area from November 05, close to $144.90-$146.05, and a support-turned-resistance near $170.00, could test the SOL buyers afterward, before directing them to the daily chart’s higher levels.
Alternatively, a downside break of $121.90 could direct the Solana bears toward a descending support line from November 21, near $114.70, ahead of the deeper levels discussed on the daily chart.
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