Solana Follows Bitcoin’s Recovery, Analysts Weigh In

Nebraskangooner, a well-known Bitcoin analyst, has shared his latest insights on X, analyzing the movements of Solana (SOL) in light of Bitcoin’s recent recovery. According to the analyst, Bitcoin bounced off a key support level, influencing Solana’s price action in the broader cryptocurrency market. This event has led to heightened volatility, as both Bitcoin and Solana experience fluctuations in their respective price levels.

As per his analysis, Solana is priced at $144.70, reflecting a small increase of +0.98 (0.68%) in the most recent four-hour candle. The analyst’s chart shows notable price swings, characterized by long wicks on both ends of the candles. This indicates significant volatility, with both buyers and sellers actively participating. The recovery from $138 to $144.70 aligns with Bitcoin’s recovery from its own key support level, suggesting that SOL is closely following Bitcoin’s lead.

Solana remains under both the 50-period moving average and the 200-period moving average, signaling continued bearish momentum in the medium term. Notably, the 50 MA is situated around $146, creating a significant resistance level that Solana has struggled to surpass. In the analyst’s view, this persistent downward pressure reflects broader market trends and the impact of Bitcoin’s movements. Additionally, the 200 MA, located higher, further reinforces the longer-term bearish outlook for Solana.

Solana recently found strong support at the $138 level, where it bounced back, signaling buyer confidence at this price point. This level, coinciding with Bitcoin’s own recovery, has become a crucial zone to monitor. On the upside, resistance is identified between $146 and $148, closely aligning with the 50-period moving average. For bullish momentum to emerge, Solana needs to break through this zone. If successful, the next target would likely be $150.

Increased trading activity during Solana’s dip to $138 highlights significant buying interest at the support level, suggesting market participants are keen on this price point. However, as Solana approaches the $146-$148 resistance area, volume has not increased at the same pace, indicating market caution. Traders remain vigilant, assessing whether the price will break resistance or fall back toward the key support levels.

In the past 24 hours, Solana’s price has experienced a 0.15% increase, while over the last seven days, it has seen a decline of -8.49%. With a circulating supply of 470 million SOL, Solana holds a market cap of $66.67 billion. These market trends reflect the ongoing influence of Bitcoin’s price movements on Solana, further shaping its future price direction.