Recovering 20% in ten days, Solana turned bullish again and revisited a key price level after a month’s trading. It has posted a loss in the past hours and is now looking weak on the daily chart.

The past two weeks have been impressive as Sol extended bearishness to $122, although it was followed by a quick rejection that sent the price back to $150 last month. It advanced higher this week and managed to touch exactly $155 (on Binance) yesterday. 

However, the price is down today due to the latest market drawdown, which is majorly contributed by the current drop in Bitcoin’s price.

Over the past week, market sentiment has changed positively and is now maintaining bullish on the daily outlook. We can expect buying pressure to resume as long as the price stays above the recent recovery level. Otherwise, it may break lower in the next few days. 

From the look of things, the bulls are technically back in control and due to that, we can anticipate more volume inflow to strengthen the market soon. The major obstacles for the bulls currently lie at the descending trendline, serving as key dynamic resistance since March. 

A successful break through this resistance line should activate the long-awaited bull run to at least $300 in the near term. While Solana’s trend remains bullish, it is currently undergoing a retracement on the hourly timeframe. 

The key support level for a retracement right now is $136. If the price falls below this level, the next line of support would be $122. A crack below it could plummet the price to $105.

For more buying, Sol must retake $150 along with the $160 resistance to test the $175 resistance, where the descending trendline lies. Resistance levels above this trendline are $189, $204 and $210 respectively.

Key Resistance Levels: $160, $175, $189

Key Support Levels: $136, $122, $105

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: alexandarilich/123RF // Image Effects by Colorcinch

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