2024-6-26 04:38 |
Solana appeared strong today following a 9% recovery over the last 24 hours. While it remains under the bears’ radar on the micro level, it may resume drops if the bulls fail to sustain pressure above the monthly high.
Yesterday, Sol faced rejection on the way down and further halted selling pressure after shedding a total loss of 20% in a month. This led to a small break in selling and the price bounced well above $130.
Interestingly, it is currently looking strong on the daily chart, but the price may continue to decline daily due to the negative sentiments surrounding the market lately. However, if the market sentiment changes, the asset may gain more recovery.
However, it is important to note that the trend still favours the bears from a short-term perspective. In fact, the latest bounce looks like a retracement of the lower low and lower high formation on the 4-hour chart, indicating that the bearish trajectory is still intact.
Now that the market has found temporal support, the $140 level is posing a threat to the bulls. If they manage to scale through this level, we can expect more price growth in the coming days.
A bearish advancement below the current support would cause a bigger loss, which might bring us back to March’s lowest level. Right now, there’s no sign of reversal on the daily chart.
SOL’s Key Level To Watch Source: TradingviewTowards the upside, Sol is likely to face a key resistance at $150. A push above this resistance could propel buying to $160 and $175, where a three-month resistance lies. The $189 and $204.5 levels are subsequent resistance to watch for a surge.
If Sol rolls below the holding $136 and $125 support, the next possible level to watch for drops would be $116, followed by the $105 support. Lower support levels to consider for drops are $100, $95 and $85.
Key Resistance Levels: $150, $160, $175
Key Support Levels: $136, $122, $105
Spot Price: $138.5 Trend: Bearish Volatility: ModerateDisclosure: 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: alexandarilich/123RF // Image Effects by Colorcinch
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