Solana’s price has taken a significant hit during the recent market downturn. It’s down over 20% this week and is now trading below the $145 level.
This could be a worrying sign for SOL holders, considering some other top altcoins plunged a lot less, even in single digits.
However, it looks like profit-taking was substantial in Solana’s case, considering the fact that the SOL price rallied to over $190 before this crash but got rejected close to the $200 area.
What you'll learn 👉
Solana Price Analysis
According to altFINs, Solana’s price has regained the 200-day moving average, which is a sign of a long-term uptrend. The bullish breakout from the Descending Triangle and above the $160 resistance signaled a resumption of the uptrend. The current pullback near the $145 support could present another swing trade entry opportunity in the uptrend, with potential upside back to $200. Traders might consider a stop loss at $140.
The current pattern suggests a pullback in an uptrend. While the price remains in an overall uptrend, it has pulled back, which could present a ‘buying dip’ opportunity for some traders. It’s important to look for the nearest support level where the price could stabilize and potentially resume its uptrend.
In terms of trends, the short-term trend is Down, while the medium-term and long-term trends are Strong Up. The momentum indicators show that the price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
For support and resistance levels, the nearest support zone is at $125.00, followed by $100.00. The nearest resistance zone is at $160.00, with the next significant level at $200.00.
Read also: Ripple President Warns Traders; Here Are Huge XRP Updates
Solana Price Forecast
Given the current market conditions and technical analysis, it’s challenging to predict exactly when SOL will break the $200 mark. The recent pullback from near $190 to below $145 indicates significant selling pressure at higher levels.
However, if Solana can maintain its position above the 200-day moving average and the overall crypto market sentiment improves, we could see a gradual climb back towards the $200 resistance level. This would likely require a series of higher lows and higher highs to confirm the continuation of the uptrend.
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