Solana Price Holds Above Crucial $120-$128 Support: Is a Recovery on the Horizon?
The Solana price has jumped by 15% in the past 24 hours, rising to $138 as the cryptocurrency market repairs some of the damage it suffered on Monday.
The altcoin is still down by 24% in a week and by a slight 0.5% in a month, although it retains a healthy 500% increase in a year.
And given that it has bounced off its $120-$128 support level, it’s possible that it may be at the beginning of a more sustained recovery.
After tomorrow’s big slide, SOL’s indicators suggest that the coin is regaining momentum.
Its relative strength index (purple) has risen from 20 yesterday to just over 50 today, signalling renewed buying pressure.
At the same time, the coin’s 30-period moving average (orange) is now rising toward the 200-period average (blue).
What’s most encouraging about Solana’s chart, however, is the the coin has quickly bounced above its support level (green).
This highlights how there’s too much demand for SOL for it to fall too far, with buyers more than willing to snap it up at discounted prices.
However, the latest transfer data suggests that whales are still more likely to offload than buy SOL.
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