A naukri.com initiative
Cryptoticker
1d
283
Image Credit: Cryptoticker
Solana in Trouble? Here’s What the Charts Say
- Solana (SOL) price is hovering near a critical support level at $145 amidst increasing bearish pressure.
- The daily and hourly charts indicate potential downward movement if current support is breached.
- Key moving averages like the 20-day SMA at $145.11 and the 50-day SMA at $160.61 are acting as resistance levels.
- A lower high and a lower low pattern suggest a weakening uptrend for SOL price.
- Fibonacci projections indicate a potential fall towards the $131–$125 support zone if $145 support fails.
- The hourly chart points to a descending triangle pattern, indicating breakdown potential if support at $145 is breached.
- Solana price is currently caught between resistance at $149–$152 and support at $143–$145.
- A breakout above $152 with bullish moving average crossovers could lead to a recovery towards $180.
- On the other hand, a drop below $145 could trigger further downside towards $135 or lower.
- Short-term bearish targets include $135, medium-term targets are in the $125–$131 range, and an extreme target is around $100–$110.
- Short-term bullish scenario involves a target of $168, while a breakout above $152–$160 could push SOL price towards $185–$200.
- Traders are advised to monitor volume confirmation and moving average crossovers for potential changes in trend.
- Solana price remains at a crucial juncture, where a clear move above $152 or below $145 will determine the next trend direction.
- The article offers insights into technical levels and scenarios for Solana's future price movements, emphasizing the significance of key support and resistance levels.
- The battle between bulls and bears in the Solana market indicates uncertainty regarding the cryptocurrency's immediate price outlook.
- The potential for a breakdown towards lower support levels or a recovery towards higher resistance levels depends on key price levels being breached.
- Traders are advised to exercise caution and watch for significant price movements to make informed trading decisions.
- Investors and analysts closely monitor Solana's price action to gauge market sentiment and potential price trends.
Read Full Article
17 Likes
For uninterrupted reading, download the app