Sol’s bullish bias has continued to suspend amid the latest meltdown. It has turned bearish again after seeing a short but significant recovery last week. The price is down 8% weekly, looking poise for a big crash.
The recent price recovery from a monthly low of $110 appeared to have ended after failing to sustain pressure above the $164 level a week ago.
Sol lost grip above $160 and swiftly resumed bearish. However, it has managed to stay above the $140 level ever since but is now on the verge of breaking lower following a new sell order from the $153 region.
Looking at the new bearish formation, which is capable of causing severe pain anytime soon, Sol could crash to the $100 mark from the look of things. It may be trading far above this mark level at the moment but we should expect a catastrophic fall if the formation plays out.
The only condition to invalidate this sell signal lies at the crucial $120 support level that suppressed bearish pressure since March. If the bulls defend it well in the ongoing dip, we can expect a strong bounce back.
Failure to defend this crucial support level might result in a major crash mentioned above. Nevertheless, Sol’s price is still within a buying zone.
SOL’s Key Level To Watch
Source: Tradingview
Now that the price is on the verge of breaking low, the $130 and $120 levels are key support areas to watch for drops this week. A weekly close under these levels could dip the price to $110 and $100.
While there’s no trace of the bulls in the market, the $155 and $165.4 levels are now considered as close resistance. Higher resistance levels are located at $175 and $186 in case of an increase.
Key Resistance Levels: $155, $165.4, $175.6
Key Support Levels: $130, $120, $110
- Spot Price: $141
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: jussang/123RF // Image Effects by Colorcinch
