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#Solana Price Forecast: SOL rebounds after retesting key support
Solana price closed above the weekly resistance level at $126.65 on January 2 and rose nearly 12% in the next five days, closing above the 50-day Exponential Moving Average (EMA) at $136.75 this week. However, SOL’s price declined slightly on Tuesday, retested the 50-day EMA, and rebounded the next day. As of Friday, SOL is trading higher above $139.
If SOL continues its upward trend, it could extend the rally toward the next daily resistance level at $160.
The Relative Strength Index (RSI) on the daily chart reads 61, above the neutral level of 50, indicating bullish momentum gaining traction. In addition, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover and rising green histogram bars above the neutral level, further supporting the bullish outlook.