In the recent crash, Solana lost almost 40% of its valuation but suddenly regained strength after testing a five-month low yesterday. The price appeared strong today as it trades back in a green zone.
Sol saw a noticeable growth last month following a major bounce off a critical support level. The bounce brought the bulls back in the market with a double-bottom pattern and the price increased significantly.
Unfortunately, it failed to break out of the structure and quickly lost grip near $194 in the late month. It initiated a drop and broke down daily until the price hit a low of $110 yesterday.
Since then, Sol’s trading level has changed positively due to a sudden rejection and the price increased to $146 today following a 17% gain. The crypto has retraced briefly to where it is priced at $145.
Meanwhile, the bears are still much around the corner. The market’s daily outlook is still weak. If the bulls fail to commit strongly, the bears will continue to dominate the market.
Now that the double-bottom pattern is invalidated with a fake-out, Sol must climb back to its previous monthly peak price before we can consider a bullish break. For now, it is technically trading in a range.
SOL’s Key Level To Watch
Due to the recent bearish break, which has brought some recovery in the market, Sol is now facing the $155 resistance. If it passes through this resistance, higher levels to watch for an increase are $165.4 and $175.6.
Currently, Sol is trading back above the $140 and $120 supports while the $110 level stands as a weekly low. Losing these price levels in the future could trigger a dip to $100 and beyond.
Key Resistance Levels: $155, $165.4, $175.6
Key Support Levels: $140, $120, $110
- Spot Price: $145.3
- 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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