SOL/USD Weekly Analysis: Key Support, Resistance Levels, and MAC

This analysis covers Solana (SOL/USD) on the weekly timeframe, focusing on the recent price rebound, key support and resistance levels, and insights from the MACD indicator.

Analysis:

Recent Rebound:

Solana has rebounded 37% from its recent dump.
The current price is hovering around the BB mid-band at $154.
Key Support Levels:

Nearest Support: The closest support level is at $137.
Major Support: The green box between $110-$115 is critical, aligning with the lower BB band.
MACD Indicator:
The MACD histogram is still in the red, indicating bearish momentum or sideway action.
However, the price is higher than the base line, suggesting potential strength.
For a bullish MACD cross to occur, Solana needs to close above $170-$180.
Potential Scenarios:

Bullish Scenario:

If Solana closes above the $170-$180 range, it could trigger a bullish MACD cross, leading to further upward movement.
This would strengthen the case for a continued rebound and a possible test of higher resistance levels.
Bearish Scenario:

If Solana fails to maintain its current levels and breaks below $137, we could see a retest of the major support between $110-$115.
A break below this major support could result in further downside pressure.
Conclusion:
Solana's recent 37% rebound brings it near key levels, with the BB mid-band at $154 and important support at $137. Watch for a close above $170-$180 to confirm a bullish MACD cross, which could propel SOL higher. However, failure to hold support could lead to a retest of the $110-$115 zone.

CryptoZonePoriyaNik

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