Following the monthly breakdown, which later turned false due to a sudden price recovery, Solana traded back in a five-month range and stayed indecisive since last week. Now negotiating the next major move.
Since Sol saw a quick recovery back in a range earlier this month, it failed to advance bullish due to a rejection. It lost buzz and hovered at $140 over the past week.
However, it still looks bullish on a larger scale but the price is currently trapped back in a range following a quick recovery from a monthly low – a false breakdown. Now that the price is flat, we can expect a surge in volatility soon. Where it will likely head next is yet to be ascertained.
While this tight range remains a crucial trading zone for the next major direction, a surge above the $190 level should confirm a bullish break for a long-term rally. In the opposite direction, the $120 support remains a key level for a huge breakdown.
Due to the recent drop in volume, Sol’s daily outlook would remain calm until a surge in volatility occurs. For now, there’s nothing much to expect as the price is at equilibrium.
In anticipation, it is noteworthy to say that the market is still in favour of the buyers rather than the sellers as the trend remains neutral-bullish from a long-term perspective.
SOL’s Key Level To Watch
As Sol continues to trade in range bound, the primary resistance to watch out for surges are $155 and $165.4. If those levels flip, the $175.6 and $189 resistance would be the next target to watch for more buys.
Towards the downside, $136.1 and $120 are support levels to watch in the range. A breakdown from there could bring us back to $110 and $100 in the near term.
Key Resistance Levels: $155, $165.4, $175.6
Key Support Levels: $136.1, $120, $110
- Spot Price: $144.8
- Trend: Neutral-Bullish
- Volatility: Moderate
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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