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Solana price forecast: Bears still targeting the $140 support
- Solana (SOL) is facing bearish pressure, with expectations of testing the $140 support level.
- The ongoing Middle East crisis has led to a net negative week for cryptocurrencies, impacting SOL and other top coins.
- SOL has lost 8% over the past week and could see further decline driven by market factors and technical signals.
- If the $140 support is breached, SOL might drop towards $123 in the near term.
- The neutral U.S. Federal Reserve interest rate decision hasn't positively influenced SOL and the crypto market.
- Bears are eyeing the $140 support level, while bulls have struggled to push SOL above key moving averages.
- Failure to hold $140 could lead to a bearish H&S pattern completion and potential drops to $123 and $110 levels.
- SOL's RSI at 42 signals nearing oversold conditions, with potential for further downside if support breaks.
- Bullish momentum above the 50-day SMA could stabilize SOL between $140 and $185, signaling buying interest.
- Turning bullish would require SOL to close above the $185 level.
- SOL's price action is closely tied to broader market sentiment and geopolitical factors impacting crypto prices.
- The cryptocurrency market remains vulnerable to fluctuations amidst global uncertainties.
- Technical indicators and market fundamentals will likely guide SOL's price movements in the near future.
- Maintaining above key support levels is crucial for SOL's short-term price trajectory.
- The market will closely watch SOL's behavior around the $140 and $185 levels for potential trend shifts.
- SOL's current price dynamics indicate cautious sentiment among investors regarding its future price direction.
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