Sol saw a notable recovery last month following a strong bounce off a crucial support level. However, trading is back in a downward range as it failed to push above a vital resistance level during the last buying phase.
This week’s trading has been a thorn in the flesh for most short-term buyers as the global market cap decreases. Millions of long positions were liquidated on the futures as traders and investors dollar-cost averaging (DCA) their portfolios with a sizeable loss on spot trading.
However, there’s still hope for a long-term bullish if Sol stays above the crucial $120 level, which has served as support over the past seven months.
Meanwhile, that decrease has technically created a serious panic selling in the last 48 hours and as we can see, Sol is now trading in the red zone on the day after recently taking a sharp downturn from a vital resistance level in the past week. Still, the price remains strong on the macro scale.
But bullish sentiment has faded off since yesterday as the price quickly turned negative. Sol now follows a bearish momentum with a weak price action on the daily chart. After charting a double-digit loss today, it is now trading calmly under the $150 level.
SOL’s Key Level To Watch
In the next sell-off, it may encounter support at $139.8 before dipping to the $127 level that served as a pullback level last month. The $120 level is the next crucial support to keep in mind for a potential breakdown.
Should Sol climb back above $155, it may retake the $163.5 resistance level that suppressed buying last week. Above this resistance lies $180.
Key Resistance Levels: $155, $163.5, $180
Key Support Levels: $139.8, $127, $120
- Spot Price: $147.8
- 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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