Solana Price Approaches $130: What’s Behind The Recent Surge?

The Solana price has shown encouraging signs of recovery, climbing 6% on Friday to approach the $126 mark. This uptick follows a concerning dip below the crucial $120 level, which had sparked fears of a potential downtrend that could drag the cryptocurrency down toward the $100 threshold.

Solana Price Gains Ground

Chris MacDonald, an analyst at The Motley Fool, recently highlighted two key factors contributing to Solana’s resurgence. One significant catalyst is a proactive initiative by the Solana Foundation. 

Bitcoinist reported earlier this week that the organization is currently assessing whether its network can withstand potential threats from quantum computing technologies. 

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In collaboration with Project Eleven, a security firm specializing in post-quantum cryptography, the Solana team has launched a quantum-resistant testnet following a comprehensive threat assessment. 

The second notable factor driving the Solana price uptick is the announcement from health and wellness company Mangoceuticals, which revealed plans to allocate $100 million toward acquiring and holding SOL. 

Despite the positive momentum, experts caution that Solana’s price is currently following a “clean corrective structure.” 

Moving Averages Signal Downtrend

From a technical analysis perspective, the 50-day simple moving average (SMA) is situated around $143, significantly higher than the current trading range, while the 200-day SMA looms even further at approximately $170, suggesting a prevailing downtrend rather than a healthy consolidation phase.

In the short term, the 20-day exponential moving average has also rolled over near $133 and has consistently rejected previous attempts at a bounce. 

Analysts note that until the Solana price can close above the low-$130s for an extended period, any rebounds will likely be seen merely as counter-trend movements. 

Immediate support lies just below current trading levels at the $125 mark, followed by critical levels in the $121–$120 range, and another demand zone around $110. 

A more significant downturn could push the price into the high $90s, with projections indicating a potential dip to around $80 if liquidations accelerate further, as NewsBTC reported on Thursday.

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The market has already registered an eight-month low near $116.9. A decisive close beneath that level could likely drag the Solana price toward the psychologically significant $100 mark. 

On the upside, the Solana price could encounter initial resistance clustered in the $133–$138 range, with stronger resistance observed in higher levels between $144 and $147 that could prevent any new recoveries in the short-term.

To facilitate further price recovery, the Solana price will need to clear that second group of resistance levels on a daily close, ideally supported by increased trading volume, to pave the way toward prices between $160 and $165.

The daily chart shows SOL’s price recovery on Friday. Source: SOLUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com