Solana’s bias looks technically bullish daily following a recent bounce back, but the price is currently stuck under a key resistance. Failure to break above this price level could lead to another notable sell-off.
Despite the latest increase in the global market cap, Sol remained calm and showed signs of weakness from the bulls’ side. However, it has found a solid ground above $122 but it may lose grip if the bulls fail to show strong commitment.
The recent halt in selling came after undergoing a lot of fluctuation in the past three weeks, though it has reestablished support above that solid price level and is now forming a new bullish pattern on the daily chart.
However, the current market setup looks dicey following a rejection at around $146. This price level has become a tough resistance for the bulls over the past few hours. If they surpass this resistance, we can expect an advancement towards last week’s high before testing the descending trendline – serving as dynamic resistance since March.
Breaking this dynamic resistance in the process could facilitate a bigger rally to March’s top before deciding on the next move. A drop from the current trading level could bring us back to the recent low, where a huge breakdown is likely.
SOL’s Key Level To Watch
Source: Tradingview
To validate more upside movement, Sol must reclaim last month’s $155 high. A surge through this high could activate a small rally to the $175 resistance, located above the trendline. Above it lied $189 and $204.5.
For the past three days, the $137 level has been providing support. If the price drops below it, the $122 level would be revisited with a potential breakdown to the $105 level.
Key Resistance Levels: $155, $175, $189
Key Support Levels: $137, $122, $105.
- Spot Price: $144.4
- Trend: Bullish
- 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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