$SOL $BTC $ETH
#Solana #SOL #CryptoMarket #Trading #BearMarket #DeFi #Blockchain #Cryptocurrency #TechnicalAnalysis #MarketWatch #CryptoNews #Investing
Solana has been experiencing a notable decline, starting its descent from the $155 mark. Currently, the cryptocurrency is hovering around the $145 level, signaling potential for further downturns beneath the $142 support range. This fresh downturn came after Solana’s value decreased below both the $150 and $148 marks against the US Dollar. Presently trading below the $150 price point and the 100-hourly simple moving average, Solana faces challenges in the market. A specific pattern noted on the hourly chart of the SOL/USD pair indicates the formation of a short-term rising channel, suggesting a continuation of the recent trend. Despite this, there’s a possibility for recovery if Solana manages to surpass the $148 resistance zone.
In its recent market activity, Solana established a foundation above the $142 support level, drawing parallels with movements seen in other major cryptocurrencies like Bitcoin and Ethereum. This momentum allowed Solana to breach the $145 and $150 resistance levels. However, resistance under the $155 mark stifled further gains, and a peak at $153.90 led to a subsequent decrease. The price plummeted below significant levels, settling at a low of $142.64 before entering a consolidation phase. Despite a minor recovery above the 23.6% Fibonacci retracement level from the recent high to low, Solana’s trading price remains below critical averages, with the formation of a continuation pattern signaling potential future movements.
Resistance levels near $147 and further at $150 pose significant hurdles for Solana’s price recovery. The 61.8% Fibonacci retracement level also acts as a barrier towards regaining higher price points. Surpassing the $155 resistance could indicate the start of a more sustained recovery leading towards the next considerable resistance at $165, and potentially reaching as high as $180. However, these ambitions hinge significantly on whether Solana can effectively counteract current market pressures.
Conversely, should Solana fail to break through the $150 resistance level, we may see an exacerbation of its decline. Immediate support lies near the $145 zone, with critical support at $142. Breaching this support could lead Solana towards the $135 area, and a failure to maintain this level might precipitate a decline towards the $122 zone. Current technical indicators, including the hourly MACD and RSI, suggest that the bearish momentum is gaining traction, underlining the pressing need for Solana to find robust support levels to mitigate further losses and potentially revitalise its market position amidst fluctuating conditions.
