Solana Rises 2% Above $130
Solana (SOL) price went up by 2% on Tuesday. It stayed above the $130 level. The key support is at $126. Despite selling pressure, steady buying from Solana Exchange Traded Funds (ETFs) may help the price recover. The spot and futures markets show signs of a possible rebound.
Whales Buy the Dip in Solana
Large investors, called whales, are buying Solana during the recent price drop. CryptoQuant data shows big orders in the SOL spot market. The Cumulative Volume Delta (CVD) suggests more buying than selling. However, trading volume is falling in both spot and futures markets. This lower volume may reduce selling pressure and prepare Solana for a rise.
Even though Solana is down over 30% since October 28, institutional interest stays strong. Solana ETFs saw net inflows of $8.25 million on Monday. This marks 15 days of positive ETF flows in a row.
Solana Faces Key Support Levels with Rebound Potential
Solana is holding above the key S2 Pivot Point at $128. This is just above the $126 low from June 22. These support levels may help absorb selling and lead to a price bounce. A rebound could push Solana near the $150 mark, close to the $155 supply zone.
Technical signals remain weak. The MACD shows a continuing downward trend. The Relative Strength Index (RSI) is near 30, close to oversold levels. An RSI below 30 often signals a possible price reversal as buyers enter.
If Solana falls below $126, the rebound may fail. The price could then test the April 7 low near $95.
