Solana (SOL) is currently consolidating around the $94 mark as it plans its next upward move. The cryptocurrency is likely to experience another bounce around the $78 support level before initiating a new rally. The next significant resistance level for SOL stands at $133, representing a potential 70% increase from the current price.
It is crucial to observe a decisive confirmation of the $78 support level on the three-day chart to validate the bullish outlook. Solana’s recent price surge, witnessing a 78% increase between December 18 and 24, 2023, indicates a successful breach of the $78 hurdle. After retesting this level on January 22 and confirming it as a support, SOL is expected to undergo a cooling-off period before potentially retesting the $78 support, providing an entry point for sidelined buyers.
Both the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are indicating this cooldown phase as they return to their average levels. In the event of confirmed support at $78, Solana will aim for a retest of $133, marking a significant gain in the range of 70% from the support level.
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According to VeloData, the three-month price action for Solana price shows that the highest return for SOL comes from the weekdays. To be precise, Wednesdays and Fridays are the highest returning days. Sundays are usually red, which makes them an ideal time to buy the dips and book profits on Wednesday and Friday.
SOL Average Return by Day
Cumulative returns for Solana price are highest during the Asia Pacific trading session.
SOL Cumulative Return By Session
While the signs are bullish for Solana price, investors need to be cautious of a fluke selling pressure spike. In such a case, a decisive breach of the $78 support level, and its flipping into resistance, on the three-day chart will invalidate the bullish thesis.
If this selling momentum sustains, SOL could slide nearly 40% until it finds a stable support level at $47.