Solana (SOL) has plunged from its recent high, with the cryptocurrency now facing a critical support level that could determine its near-term trend.
According to crypto trader Teshkid, Solana broke down after losing the key support around $90.30. The next major support level to watch is at $81.79; a breakdown below here would likely signal a deeper correction underway.
On the other hand, if Solana bounces from current levels, reclaiming the $90.30 support would be an encouraging sign for bulls with upside targets at $95 and $100.
Reviewing the technical landscape, analysis by altFINS highlights a bullish flag pattern emerging on the daily chart. This is a continuation pattern, with an upside breakout above $100 signaling a resumption of the uptrend towards $125. However, a breakdown from the lower boundary around $81 would point to a trend reversal.
In terms of momentum, mixed signals are seen. The MACD line crossing below the MACD signal line indicates fading upside momentum. But RSI at 50 reflects balanced sentiment between buyers and sellers.
Overall, Solana appears to be consolidating after its sharp advance. Critical support is seen at $81.79; a daily close below here would give bears control for a deeper correction, while a bounce back above $90.30 is needed to revive bullish momentum.
The coming sessions should determine which way Solana trends next. Key levels are support at $80 and $65 and resistance at $100 and $125.
You may also be interested in:
- XRP Ripe for a Bounce Back After This Indicator Issues a “Buy” Signal for Ripple
- Bitcoin Correction Is Not Over Yet, Analyst Says BTC Could Hit $120,000 If This Happens
- Manta Network (MANTA), ONDO (ONDO) & Option2Trade (O2T) Gear Up for 2024 Bullrun
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters