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Could Solana bounce back?
Solana hovers near $120 within a descending wedge pattern formed by two converging trendlines on the daily chart. The reversal from $130 on Monday, which led to an almost 2% decline, risks a steeper correction toward the support trendline connecting the November 21 and December 18 lows, near $115.
If $SOL drops below $115, it could test the S1 Pivot Point at $107, which serves as support, above the April 7 low at $95.
The momentum indicators on the daily chart remain mixed as Solana fluctuates between $120 and $125. The Relative Strength Index (RSI) at 42 extends a sideways trend below the 50% mark, indicating persistent bearish pressure.
At the same time, the Moving Average Convergence Divergence (MACD) bounces off the signal line toward the zero line, suggesting a boost in bullish momentum.