Convergence

Flow

Solana

Rise

Divergence

<ul class="wp-block-list">
 <li>SOL nearly breaches $126 support but shows signs of recovery.</li>
 <li>Chaikin Money Flow (CMF) indicates increasing buying pressure.</li>
 <li>Price targets: potential rise to $155 and $160, or drop to $126 if $137 resistance holds.</li>
</ul>
<a href="https://thenewscrypto.com/?s=Solana" target="_blank" rel="noopener noreferrer nofollow">Solana</a> (SOL) finds itself at a critical juncture after narrowly avoiding a breach of its crucial $126 support level, a price point that has safeguarded the cryptocurrency from major downturns since early March. As the digital asset shows signs of recovery, investors are keenly observing technical indicators for clues about a potential price rally.
The Chaikin Money Flow (CMF) indicator, a key metric for gauging capital inflows and outflows, has recently displayed a notable uptick for Solana. This positive movement suggests consistent buying pressure, potentially foreshadowing a price surge.
However, the persistence of negative netflows tempers this optimism, indicating ongoing capital outflows that could constrain the strength of any upward momentum.
For a sustained rally to materialize, market participants are watching for the CMF to cross above the zero line, a move that would signal a shift to positive netflows and bolster confidence in Solana’s price recovery.
This transition could serve as a catalyst for increased buying activity and potentially trigger a more substantial price appreciation.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="471" src="https://thenewscrypto.com/wp-content/uploads/2024/09/image-38-1024x471.png" alt="" class="wp-image-107913" srcset="https://thenewscrypto.com/wp-content/uploads/2024/09/image-38-1024x471.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-38-300x138.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-38-768x353.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-38.png 1536w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Source:&nbsp;<a href="https://www.tradingview.com/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="h-solana-s-macd-forms-double-bottom-divergence-pattern">Solana’s MACD forms double bottom divergence pattern</h2>
On a macro level, Solana’s Moving Average Convergence Divergence (MACD) is forming a double-bottom divergence pattern, a technical formation often interpreted as a harbinger of trend reversal.
This configuration suggests waning bearish momentum and the gradual ascendancy of bullish sentiment, offering long-term holders and traders cause for optimism.
Solana’s recent price action has been characterized by oscillations between $186 and $126, with current short-term consolidation occurring below the $160 threshold. Trading at $135, <a href="https://thenewscrypto.com/?s=Sol" target="_blank" rel="noopener noreferrer nofollow">SOL </a>is testing local resistance at $137, a level it must surmount to maintain upward trajectory.
Given the supportive technical indicators, a breakthrough above this resistance seems plausible, potentially paving the way for advances towards $155 and the critical $160 level.

Solana (SOL) Targets Rise to $155 and $160: But There’s A Catch

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