After seeing a rebound off the $125 support area, Solana (SOL) is back in a bullish position after their most recent daily candle closed green, as buyers are showing renewed interest after extended corrections. The short-term outlook is leaning towards cautious optimism. At press time, Solana is trading at $125.75 with an increase of 1.51% over the past 24 hours.
TradingView chart provides Evidence of price stabilization of SOL Below Key Moving Averages. The chart indicates that SOL price is trading below its 50- and 200-day Moving Averages but appears to exhibit some initial signs of stabilization.
While the price of SOL continues to be below the 50-Day Moving Average and the 200-Day Moving Average, both RSI and Price have broken out of the oversold territory and are slowly rising, indicating a decrease in selling pressure and an increase in Bullish momentum.
This chart shows a slow recovery from the recent area of lower price ranges. The moderate volume indicates that the price rebound is occurring through methodical accumulation and not through speculative activity. This indicates that the price has risen steadily and will remain at this higher price range for future reference and for a controlled move into an upward price level rather than an explosive move or spike in price.
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According to the recent update on X by the analyst Ali Charts, we can find an improving daily setup for the coin. The TD Sequential indicator has produced local tops at lower timeframes. The recent sell shows have resulted in short-term corrective actions. In other words, there remains the risk of pullbacks even as we continue to stabilize in the larger overall structure.
In conclusion, defending the $125 level and also an increasing development in the momentum indicators will give SOL a bullish perspective moving forward. The breakout above the $148 will validate the bullish case, and a failure to hold the support could hinder SOL from moving higher.
Also Read: Solana Price Prediction: SOL Targets $500 as Tokenized Markets Expand

