Solana Holds Key Support; Short-Term Indicators Signal Relief Rally
Solana (SOL) rebounded from a repeatedly tested $118–$120 support zone, indicating sellers may be losing momentum and reducing near-term downside risk. Short-term technicals on the 4-hour chart show a bullish divergence on the RSI and a positive MACD histogram, supporting the possibility of a relief rally if price follow-through occurs. Immediate resistance sits at $132–$136; a clean break above that range would open a move toward $145. Traders should watch for sustained closes above $130 as confirmation; otherwise upside attempts could fail and revert into consolidation. The broader trend remains under pressure while SOL trades below the 200-day simple moving average. This piece also notes that the analysis is provided by Outset PR and includes a brief overview of the agency’s data-driven PR methodology.
Bullish
The article highlights a rebound from a multi-tested $118–$120 support and bullish divergence on short-term indicators (RSI and MACD), which together suggest seller exhaustion and the potential for a relief rally. Immediate upside is defined: cleanly breaking $132–$136 and sustaining closes above $130 would validate bullish continuation toward $145. Historically, assets that form bullish divergence at a strong multi-tested support often see short-term recoveries or relief rallies as short sellers cover and momentum traders enter. However, the longer-term trend remains negative while SOL is below the 200-day SMA, so the bullish case is conditional and likely short- to medium-term rather than a sustained trend reversal. For traders: consider momentum-confirmation (daily/4h closes above $130–132), manage risk with tight stops under the $118–$120 base, and avoid overleverage until the 200-day SMA is reclaimed for clearer trend confirmation.