Starting this week on a positive note, Sol encountered resistance and later began to show signs of weakness. This became extremely much after dipping to a two-week low. It bounced back briefly but is still down 7% in a week.
Since Solana topped the rally at $126.36 last December, it initiated a drop and experienced two major pullbacks in the last two weeks. The recent one saw the price crash straight to $85 before it climbed back to retest the $108 level at resistance yesterday.
Today, it initiated drops again and fell to where it currently trades at around the crucial $100 level. This level is serving as a defence line for the Sol’s bulls since the price recovered on Tuesday.
But from the look of things, they are most likely to lose the current trading level because of the latest negative sentiments surrounding the crypto market. As a result, lower price movement is expected in the coming days.
Even though that happens, there’s still hope for buying on the monthly timeframe. Despite losing momentum in the last 10 days, Sol remains strongly bullish on the monthly timeframe while holding an overall profit of 400% in the last three months.
However, it looks weak on the weekly scale after slipping by 8%. It remains the 5th best-performing cryptocurrency with a current holding market cap of $43.8 billion.
SOL’s Key Level To Watch
Losing the $100 level could trigger a bigger price movement toward the $90 level. After that, the lower support levels to consider for more breakdowns are $80 and $70.
Reclaiming yesterday’s high along with the $110 resistance level could allow more recovery to $116.9 before breaking above its two-year high of $126.3.
Key Resistance Levels: $110, $116.9, $126.3
Key Support Levels: $90, $80, $70
- Spot Price: $99
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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