Yesterday, Solana SOL found support after witnessing a series of losing buzz for two days. Interestingly, it bounced back with an impressive gain overnight. However, due to the recent crackdown, it is uncertain if it will sustain pressure.
The latest bounce in price has brought Sol’s bulls back into the market after losing track briefly. It dipped to $165 – providing a discount during the dip, but has regained strength.
However, things might get uglier in the future considering the recent buying exhaustion that led to a slight dip, although the bulls are now showing commitment. However, the recently provided discount looks more like a sub to the next leg down for Sol as it tries to revisit the $200 mark as resistance.
The daily chart shows that it has encountered rejection under this mark level. A false breakout of the recent high could lead to a bull trap capable of causing another drawdown in the market. Such a setup could trigger a major correction in the future.
If the market defies the odds and continues to break higher, we can expect bigger gains in the coming week. The all-time high would be the next key buying target in the short term. It may even create a new high if the demand level rises.
Despite the above, Sol’s bullish trajectory is still very much intact from a long-term perspective. It is expected to see more upswing in the coming months.
SOL’s Key Level To Watch
Sol’s holding resistance right now lies at $205 and the crucial $210 level. Surpassing these resistance levels could facilitate bigger moves to $220 and potentially $230 in the near term.
As of now, the $170 level is bolstering as support. A drop below the weekly low of $165 will activate more correction to $157.8 and potentially $143.5.
Key Resistance Levels: $205, $210, $220
Key Support Levels: $180, $157.8, $143.5
- Spot Price: $188
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: rimidolove/123RF // Image Effects by Colorcinch