SOLANA PRICE ANALYSIS & PREDICTION (August 15) – Is Sol Set To Crash At $100 With This New Bearish Formation?

2024-8-16 23:35

Sol’s bullish bias has continued to suspend amid the latest meltdown. It has turned bearish again after seeing a short but significant recovery last week. The price is down 8% weekly, looking poise for a big crash. 

The recent price recovery from a monthly low of $110 appeared to have ended after failing to sustain pressure above the $164 level a week ago.

Sol lost grip above $160 and swiftly resumed bearish. However, it has managed to stay above the $140 level ever since but is now on the verge of breaking lower following a new sell order from the $153 region.

Looking at the new bearish formation, which is capable of causing severe pain anytime soon, Sol could crash to the $100 mark from the look of things. It may be trading far above this mark level at the moment but we should expect a catastrophic fall if the formation plays out.

The only condition to invalidate this sell signal lies at the crucial $120 support level that suppressed bearish pressure since March. If the bulls defend it well in the ongoing dip, we can expect a strong bounce back.

Failure to defend this crucial support level might result in a major crash mentioned above. Nevertheless, Sol’s price is still within a buying zone.

SOL’s Key Level To Watch Source: Tradingview

Now that the price is on the verge of breaking low, the $130 and $120 levels are key support areas to watch for drops this week. A weekly close under these levels could dip the price to $110 and $100.

While there’s no trace of the bulls in the market, the $155 and $165.4 levels are now considered as close resistance. Higher resistance levels are located at $175 and $186 in case of an increase.

Key Resistance Levels: $155, $165.4, $175.6

Key Support Levels: $130, $120, $110

Spot Price: $141 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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Image Source: jussang/123RF // Image Effects by Colorcinch

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$ 0 (+0.00%)
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Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
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bearish crash sol price seeing short turned

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