Market Analysis

SOLANA PRICE ANALYSIS & PREDICTION (May 16) – Sol Resurges Near This Critical Resistance, Will It Break This Time?

After locating solid support for two weeks, Sol resurged today and flipped through the $150 level to where it trades near a key resistance level. Breaking through this resistance should foster a fresh bullish sentiment.

Following this month’s recovery from a low of $120 to a high of $159, Solana faced rejection again and pulled back but it later found support and managed to stay above the $140 level for two weeks.

It attempted to break down this level on Monday but failed due to a quick bounce, which later led to a bullish close. The bulls failed to sustain momentum yesterday and the price rolled back, closing bearishly. 

Today, trading volume increased as the bulls stepped back and the price surged near the crucial $160 level, which has been a major obstacle for the bulls for a month. A tough resistance lies ahead even if they manage to cross over it.

Failure to crossover may result in a slight pullback before advancing higher. While the market is well-supported by the $116 level, a drop below it could lead to a huge loss.

Now that the market narrative is changing positively, Sol may witness more surges in the upcoming days. It must climb back above the $200 level to validate its long-term bullish continuation.

SOL’s Key Level To Watch

Source: Tradingview

A successful flip through $160 could activate a quick run to $170 and $185 to test a two-month descending resistance line before breaking up.

Currently, the $149 level is considered minor support in case of a pullback. Below it lies the major $136 support, followed by $126.3 for further loss.

Key Resistance Levels: $160, $170, $185

Key Support Levels: $149, $136, $126.3

  • Spot Price: $156.6
  • Trend: Bullish
  • Volatility: Moderate

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: alexandarilich/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *