Market Analysis

SOLANA PRICE ANALYSIS & PREDICTION (April 3) – Sol Recovers Briefly From Dip But Now Faces Rejection, Incoming Sell

Solana SOL dipped to a week low yesterday but has managed to recover overnight. The bears appeared back but are now taking a short break. Following the relief, it is looking for a key retest level to initiate another sell-off. 

Going back to where the price started to fall in March, Sol reached a peak of $210 and lost momentum due to a sudden rejection. The price corrected lower and later bounced back. 

Ending that correction below the peak level a few days ago, the crypto lost steam again and dipped to a low of $176. It created support there and bounced briefly to where it is currently trading at around $189. 

Looking at the latest swing low, which is now in a retracement mode, Sol is likely to continue a bearish impulsive move from the current trading level. As seen in the chart below, the price is facing resistance around the $192 level – an order block area on the 4-hour chart. 

A strong candle close above this week’s high could bring the bulls back into the market. Last month’s high would be the next key breakpoint to watch for bigger moves. But from the look of things, the bears are much more likely to step back anytime soon. The current market structure appears bearish and is due for a discount on the daily timeframe.

SOL’s Key Level To Watch

Source: Tradingview

In the next drawdown, the immediate obstacle point for the bears right now is located at the holding $176.5 support. If they conquer this support, the lower levels to consider for a dip would be $165 and $155.2.

Surpassing the weekly $204 resistance could activate bullish again with the next buying target towards the $210 resistance. Breaking though it should set the price for an increase to a close resistance of $220 before rallying hard in the near term.

Key Resistance Levels: $204, $210, $220

Key Support Levels: $176.5, $165, $155.2

  • Spot Price: $189.6
  • 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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Image Source: diegothomazini/123RF // Image Effects by Colorcinch

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