Solana price prediction – Here’s why SOL needs THESE levels to hold on
The post Solana price prediction – Here’s why SOL needs THESE levels to hold on appeared on BitcoinEthereumNews.com.
SOL, at press time, was trading with a slight uptick, but remained largely bearish Sentiment fell into the negative zone due to its price decline Solana (SOL) has recently seen significant price declines, with the altcoin dropping from key price levels. This downturn has also affected the derivatives market, where an increasing number of traders are betting against a price hike. However, technical indicators seemed to suggest that traders holding short positions might be in for a surprise if SOL’s price moves in an unexpected direction. Solana shows bearish trends An analysis of Solana (SOL) on the daily timeframe chart showed that at press time, it was trading at approximately $139.37. This price level is near the 0% Fibonacci retracement level, indicating that SOL is at a critical juncture in its price action. Furthermore, SOL remained below its long and short-term moving averages (blue and yellow lines), serving as resistance around $149.29 and $153.87, respectively. A further analysis of the technical indicators revealed that SOL may be in the middle of a bearish trend too. For instance, the Relative Strength Index (RSI) had a reading of 41.43, indicating weak momentum and proximity to the oversold territory. Additionally, the Moving Average Convergence Divergence (MACD) line was at -1.46, with the signal line at -3.67. The negative values of these indicators highlighted SOL’s prevailing downtrend, despite a minor uptick. Where can SOL go from here? Given the prevailing bearish indicators, Solana (SOL) is now facing crucial support and resistance levels to determine its next move on the charts. If the decline continues, the first significant support level will be at the 23.6% Fibonacci retracement level, at around $128.88. However, if this support fails to hold itself, the price could fall further to the 50.0% Fibonacci retracement level at $116.79. Source: TradingView On…
Filed under: News - @ August 17, 2024 6:05 pm