2024-5-6 00:00 |
Despite registering several losses in the past weeks, Solana’s ecosystem continued to grow and expand monthly as new tokens are birthed. Due to this week’s surge, it has regained momentum and is now bouncing back on the daily chart.
Most larger cap altcoins have recovered well since the mid-week, including Sol, which is now gearing up for an explosion on the macro-outlook.
The bulls appeared back in the market following a trend reversal formation on the daily chart. Although, this formation came into play after rejecting the $116 price level during last bearish correctional phase.
After a short bounce, the asset initiated a sell and fell to a low of $120 this week. It held this low as support and picked up slowly, gaining strength by the day.
However, Sol’s buying pressure has slowed down a bit due to a slight drop in buying volume over the past hours. More positive actions can be expected as soon as the demand level increases. Otherwise, it may lose steam by pulling back for support before resuming positive actions.
In case of a drop, the bulls will have to defend the previous lows well to stay in control. Failure to defend it may lead to another drawdown. As of now, the bulls are gaining dominance.
SOL’s Key Level To Watch Source: TradingviewIn the next surge, the bulls are likely to face resistance at the $153 level. If they scale through to reclaim the $160 resistance level, the next area of interest for them would be $170 and $180.
Currently, there are no signs of selling in the market. But if the bears manage to regain control, they may pose threat at the $136 and $126.3 supports, followed by $116. The lower support level to watch for a dip is $015.
Key Resistance Levels: $153, $160, $170
Key Support Levels: $136, $126.3, $116
Spot Price: $147 Trend: Bullish 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: diegothomazini/123RF // Image Effects by Colorcinch
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