The post Solana (SOL) Faces Critical Levels Amid Bearish Trend and Market Sentiment Shifts appeared on BitcoinEthereumNews.com.

Solana (SOL) is currently experiencing a slight price uptick, though overall market sentiment remains bearish. The price decline has led to increased short positions in the derivatives market, suggesting traders are betting against SOL’s price recovery. Technical indicators suggest that SOL’s price could move unpredictably, putting short traders at risk. Discover the latest movements in Solana’s price, the bearish trends affecting it, and what the future might hold for this major cryptocurrency. Bearish Trends Persist for Solana (SOL) Solana (SOL) recently showed a significant price decline, trading around $139.37. The altcoin’s price is close to the 0% Fibonacci retracement level, a critical point for potential price action shifts. Currently, SOL remains under its long and short-term moving averages, which act as resistance at $149.29 and $153.87, respectively. Technical Indicators Reflect Weak Momentum Analysis of key technical indicators reveals a continued bearish trend for Solana. The Relative Strength Index (RSI) stands at 41.43, indicating weak momentum and proximity to oversold levels. Additionally, the MACD line is at -1.46, with the signal line at -3.67, reinforcing the bearish outlook despite minor price upticks. Future Outlook for SOL Solana’s immediate future hinges on critical support and resistance levels. Should the bearish trend continue, the 23.6% Fibonacci retracement level at around $128.88 is the first key support to watch. If this level fails, prices could fall further to the 50.0% Fibonacci level at $116.79. Conversely, should SOL rally from its current levels or stage a recovery near $128.88, breaking above the moving averages at $149.29 and $153.87 could indicate a bullish reversal. For stronger bullish momentum, SOL would need to break the 61.8% Fibonacci level at $162.60, ultimately aiming for a full recovery at the 100% Fibonacci level of $185.51. Market-Wide Influence on Solana’s Price The recent decline in SOL’s price appears to be…

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Filed under: News - @ August 17, 2024 6:18 pm