Solana Under Pressure: The Key Level That Could Spark a Tidal Wave
Solana (SOL), one of the leading cryptocurrencies in the market, is currently at a critical crossroads. After reaching a peak of $220, the price has started to decline, breaking through the support levels at $215 and $212. Currently, SOL is trading below $205 and the simple moving average over 100 hours, indicating persistent downward pressure. But everything could soon turn around!
Crypto: Solana is at a critical crossroads
A recent crypto analysis reveals the formation of a descending channel or a bullish flag on Solana, with resistance located around $213. To reverse this trend and consider a recovery, it is crucial that SOL surpasses the resistance levels at $215 and especially at $220. A successful close above the latter could pave the way for new bullish momentum, with potential targets at $232 and even $250.
However, if it fails to break through these resistances, Solana could experience a new phase of decline. The immediate supports are at $202 and $198. A break below $198 could lead the crypto to decline to $192, or even retest the crucial support at $175.
What do the technical indicators say?
The technical indicators support this analysis. The hourly MACD for the SOL/USD pair shows a loss of momentum in the bullish zone, while the relative strength index (RSI) remains below 50, signaling weakness in the crypto market.
It is therefore essential for crypto investors to closely monitor these key levels. Breaking the resistance at $220 could signal a significant recovery, while a drop below $198 could indicate a continuation of the bearish trend. The current situation of Solana reflects the uncertainty of the cryptocurrency market, where price movements can be fast and unpredictable.
Solana is at a critical point. The coming days will be crucial to establish whether the crypto can overcome the current resistances and reconnect with an upward trend, or if it is likely to face new downward pressures. Investors should therefore remain vigilant and ready to react based on market developments.
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Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.