2024-7-31 16:30 |
Solana (SOL) has shown strength in its price action surging and holding above crucial resistance levels. Top analyst Altcoin Sherpa, however, has warned of a possible price pullback for SOL.
The analyst suggests that a dip could see SOL testing a level that he cites as a key entry point for investors looking to accumulate SOL. This prediction comes as Solana tests resistance levels around $195-$200..
Besides, Altcoin Sherpa’s analysis highlights the significance of current price levels for Solana. The crypto has been consolidating after a notable uptrend, now testing a strong resistance zone.
This area has been challenged before without success, indicating its importance as a potential barrier to further price increases.
$SOL: Still an extremely strong coin but a pullback is probably coming soon? Hard to say if the overall fundamentals (aka meme trading) overcome TA at this point. Some interesting resistance levels up ahead, stay safe.
Personally, I think it's best to just be patient and not… pic.twitter.com/sNsAop8u8l
The immediate support for Solana appears to be around $180, which has held firm in recent price action. However, Altcoin Sherpa points to $150 as a more attractive entry point.
This level aligns with stronger support on the charts, potentially offering a better risk-reward ratio for traders.
“Waiting for a pullback to around $150 or potentially lower could provide a safer entry for accumulating more SOL,” Altcoin Sherpa noted in his analysis.
This cautious approach reflects the analyst’s interpretation of current market conditions and technical indicators.
Technical Indicators and Market SentimentMoving averages paint a mixed picture for Solana’s price outlook. The crypto trades above its 50 and 100 EMAs, suggesting a bullish short to mid-term trend.
Additionally, SOL remains above its 200 EMA, reinforcing a longterm positive outlook.
However, Altcoin Sherpa warns against succumbing to FOMO. The analyst emphasizes the importance of patience, especially given the current technical setup.
This advice comes amid observations of moderate trading volumes as Solana approaches key resistance levels.
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Show more +Show less –Read also: Here’s When Bitcoin (BTC) Might Hit a New ATH
Fundamental Factors and Price StatusAltcoin Sherpa acknowledges the potential impact of fundamental factors on Solana’s price.
The analyst notes that meme coin trading and overall market sentiment can sometimes override technical analysis. This observation highlights the complex interplay between technical indicators and broader market trends in the crypto space.
Recent price data from CoinGecko supports the relevance of Altcoin Sherpa’s analysis.
Per price update from CoinGecko at publication, Solana trades at $181.68, showing a 0.68% increase in the last day and a 2.30% rise over the past week. Hence, the prediction of a potential pullback to $150 offers a perspective for those considering entry points soon.
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The post Solana Looks ‘Extremely Strong’, But Here’s Why SOL Price Pullback Might be Coming Soon appeared first on CaptainAltcoin.
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