Solana rebounds from $119 support – But can SOL push higher?
Solana (SOL) extended its recovery on December 29th, posting a fourth consecutive daily gain after rebounding from the key $119 support level. Trading near $127.5 at press time, SOL price rose 2.45% with a significant 161% surge in 24-hour trading volume to $4.15 billion, indicating heightened market interest.
Technical analysis showed the Average Directional Index (ADX) at 25.62, suggesting a strengthening trend, while the Chaikin Money Flow (CMF) remained negative at -0.13, reflecting ongoing selling pressure. Despite mixed signals, some traders projected further upside targets of $144–$150.
However, liquidation data revealed a bearish bias among intraday traders, with major support at $122.2 and resistance at $130.4. Over $114 million in long and nearly $150 million in short leveraged positions were concentrated at these levels, indicating skepticism about SOL breaking above $130.4 soon.
In summary, Solana’s rebound shows improved momentum, but its ability to advance further depends on overcoming key resistance levels amid high leverage and mixed market signals.
ambcrypto12/29 22:02