Solana SOL saw a nice recovery in the mid-month but quickly lost steam after retesting a key price level. It is currently in the red following a 15% cut in the last eight days. Now looking for another solid ground to halt selling.
Last week, Solana traded as high as $160 due to a little market recovery that hit the crypto space in the mid-month. But unfortunately, it failed to sustain the recovery above that high level and the price slipped back.
This quickly led the bears back into action and the price became weak again. Following the steady increase in selling volume, which has been subjecting the market to a downward range, it is now trading well below the $140 level.
Initiating more down surge today, the price is slowly rolling back to the monthly low, where it recently initiated a slight recovery.
If the bulls show up again to defend this low well, we can expect a rebound with a double-bottom formation. Such a bullish formation is capable of producing the much-anticipated fresh rally in the long term.
Otherwise, Sol may witness a heavy crackdown and continue to show signs of weakness until it finds a solid ground level to initiate a buy. As of now, there are no signs of strength in the market.
SOL’s Key Level To Watch
In the middle drops, the bears are eyeing the $126 and $116 support levels – marked as the month’s lows. If they reclaim these supports, the $105 level (March’s low) would be their next target.
If the bulls show up to retake the lost $140 level, their next area of interest would be the $145 and $153 resistance levels. Overcoming all these levels could allow more push to $160 before breaking higher.
Key Resistance Levels: $145, $153, $160
Key Support Levels: $126, $116, $105
- Spot Price: $135
- Trend: Bearish
- Volatility: High
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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