Solana (SOL) Struggles to Hit $155, Predicted to Decline to $130
The Essentials in Brief
Solana (SOL) recently failed to reclaim the $155 mark, leading to speculation about a possible downward movement towards $130 or even lower. Recent developments in the crypto market, particularly the movements of Bitcoin (BTC), also have an impact on SOL’s price development. Analysts are now watching critical support and resistance levels to predict Solana’s next steps.
Technical Analysis of Solana (SOL)
Solana is currently trading in a range that has existed for three months between $122 and $186. A critical point within this range was the support in the middle at $154, which coincides with the 50% Fibonacci retracement level, based on the rise in February and March. After buyers failed to defend this middle support over the weekend, the short-term sentiment has turned bearish again.
Although the On-Balance Volume (OBV) indicator showed some bullish strength from the lows in June, the Moving Average Convergence Divergence (MACD) formed a bearish crossover and fell below the zero line. This indicates a strong bearish momentum, and demand does not seem to be sufficient to counteract the sellers.
Can the $140 Liquidity Pocket Reverse the Bearish Wave?
A significant liquidity pocket was observed at $140, which is likely to pull prices downwards. However, this could also be an area where a bullish short-term reversal could take place, similar to August 7th. Traders should watch for a possible repetition of this scenario. Overall, the lack of demand and bearish momentum could drive Solana below $140 towards $130 or lower to the range low.
Our Assessment
The recent movements of Solana (SOL) reflect the uncertainty and volatility in the broader crypto market. The close connection to Bitcoin’s fate shows how interconnected the cryptocurrencies are. For investors and traders, it is important to keep an eye on the mentioned support and resistance levels and to watch for market signals that could indicate a possible trend reversal or continuation. As always, it is crucial to conduct your own research and follow a diversified investment strategy to minimize risks.
Sources: AMBCrypto, Hyblock
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