Solana price tests resistance after bottom around $60

The Solana price is currently trading around $100 after a recovery from a bottom near $60. Analyst CrypNuevo, who previously wanted to enter at that level, says the price is now hitting firm resistance: the 50-week exponential moving average. In his view, a pullback to $87 to $88 is quite possible before Solana can rise further.

In short:

• Solana hit a bottom around $60 and is now climbing towards roughly $100
• The weekly 50 EMA is forming strong resistance at this level
• CrypNuevo expects a temporary correction to $87-$88 before further upside

Bottom at $60, recovery to $100

In recent weeks, Solana reached a low just above $60, a level that has long been regarded as strong support on the weekly chart. CrypNuevo says he himself wanted to enter at $58, but the market turned slightly earlier.

From that bottom, the price recovered to above $100, a gain of more than 60%. At the time of writing, Solana is trading at $100, up 1.6% over the past 24 hours.

Resistance and expected correction

The analyst points to the 50-week exponential moving average as a serious hurdle. On the weekly chart, this average marks a level that the price has historically struggled with. CrypNuevo believes the price will not easily break through this level for now.

He expects Solana to first correct towards $87 to $88 before making another attempt at the orange zone on the chart, which is around $126. In his view, that will still require time and room, and the move will not happen in a straight line.