Solana (CRYPTO:SOL) recently experienced a price rebound after failing to break below the crucial $118 support level, indicating strong buying interest and price stabilisation.

The $118 mark has proven resilient, with traders closely monitoring Solana's price action for signs of recovery or renewed bearish pressure.

Currently trading at about $137, SOL's price has risen over 9% with a market valuation of more than $63 billion.

Technical indicators like the Moving Average Convergence Divergence (MACD) on the 4-hour chart signal bullish momentum, while the 1-day chart shows the price moving upward after failing to break below the $118 support level.

If Solana's price breaches the $140 resistance level, it could test higher resistance levels at $160 and $188.

Conversely, failure to break above $140 may lead to a drop toward the $118 support level, potentially testing $99 and $79 if further declines occur.