Solana price is at an inflection point that could make or break its near-term outlook. From a four-hour perspective, SOL is likely to kick-start a minor uptrend that will push it to retest crucial hurdles.
Solana price has tagged the $168.14 support level twice over the past five days and is currently testing it for the third time, resulting in a triple bottom formation. Due to this setup, investors can expect SOL to reverse its downtrend and make a run for the immediate resistance level.
The 50-day and 100-day Simple Moving Averages (SMA) at $191.82 and $190.51, respectively, are the most critical hurdles that plague SOL’s path. Interestingly, the 50-day SMA is preparing to head below the 100-day SMA, indicating a potential death cross. While this bearish outlook looms, the triple bottom setup could kick-start a 15% uptrend that tags the said SMAs.
In a bullish case, Solana price could overcome these blockades and make a run for the $201.78 resistance level, suggesting a 20% ascent from $168.14.
While things are looking on the fence for Solana price, a bounce from the $168.14 support is crucial for the bullish outlook to play out. If SOL slices through the said barrier, it will crash to $157.68, a breakdown of which will invalidate the bullish thesis.
In this situation, Solana price could retest the $147.93 support floor to contemplate re-attempting a bullish outlook or revisiting the 200-day SMA at $131.25.
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