Solana (SOL) Price Prediction: Is $157 on the Horizon?

Solana is holding slightly above the $125 support level, suggesting a potential bullish recovery toward $157, supported by multiple long-tail candles.

Solana price is holding slightly above the $125 support level, which may open the door for a potential recovery toward $157.

After an overnight recovery, Bitcoin price is handling at $87,000.

Altcoins are gradually gaining momentum. In the past 24 hours, Solana has registered a 5.52% recovery. Now, Solana is trading at a market price of $144.

Will this short-term recovery result in a new bullish trend in Solana?

Solana price trends show a lower price rejection on March 4, with a 24-hour low at $130.

Buyers managed to push the SOL token price higher, resulting in a 1.18% recovery by the end of the day.

As a result, the SOL price action reveals a Doji candle formation, indicating uncertainty in the price trend. However, the lower price rejection near $130, indicated by multiple intraday candles, reveals strong support for Solana at lower levels.

The overall downtrend has resulted in a death cross between the 50- and 200-day EMA lines. However, significant price fluctuations have caused the MACD and Signal lines to converge, leaving the momentum indicator uncertain.

Meanwhile, the dynamic average lines signal a potential selling opportunity.

Growing supply pressure may warn of a potential bullish failure. According to a recent tweet by LookonChain, a crypto whale recently unstaked nearly 134,902 SOL tokens worth $19.3 million.

After unstaking, the whale placed multiple limit orders to sell 135,000 SOL tokens. These orders range between $171 and $294.8, reflecting the whale’s optimism about future prices.

Additionally, the unstaking of FTX/Alameda’s sole balance signals a potential supply surge. Of the 3.30 million SOL holdings, worth $31.3 million, FTX recently unstaked a batch of 58,964 SOL tokens valued at $8.52 million.

Post-staking, these tokens were quickly moved to Binance to be offloaded onto the market.

According to Fibonacci levels, SOL price fluctuations are occurring between the $125 support level and the 38.20% ceiling at $177.

The recent comeback in Solana will likely challenge the 23.60% Fibonacci level at $157.

On the other hand, a bearish continuation below the $125 support level would likely test the $100 psychological mark.