Solana 
$177 (SOL) has experienced a noteworthy increase in price recently. Since hitting a low of $95 on April 7, the recovery process has accelerated, showing an 8.9% increase over the past 30 days and a further rise of 6.3% in the last week. However, technical indicators signal a need for caution despite this upward movement.
Strong Response from Support Level
Solana’s price has made a significant recovery since testing the low of $95.19 on April 7. As of April 11, SOL regained the $120 mark, establishing it as a solid support level. Current data from CoinMarketCap shows that SOL is trading at $140.22, with the nearest resistance at $142 and a stronger resistance zone around $145.
Technical analysis indicates optimistic signals above current price levels. The 100-day Simple Moving Average (SMA), now at $136.85, is acting as support. An upward trend line has formed on the hourly chart, creating additional support between $137 and $138.50. The daily RSI stands at 58.89, indicating bullish momentum, while the MACD suggests that the upward trend may continue.
Technical Caution for Short-Term Risks
While the potential upward trend boosts investor optimism, some technical indicators highlight the importance of not overlooking short-term risks. Cryptocurrency expert Ali Martinez reported that the TD Sequential indicator on the 12-hour chart has issued a “sell” signal, which could indicate a possible short-term correction.
Should the price dip below $137, a pullback to $132 could be observed, marking a critical threshold. Conversely, if buyers manage to break the $145 resistance and establish prices above $150, the short-term targets could shift to $155 and $165.
A breakout supported by increased volume could signal the start of a new upward trend for Solana’s price.
