The post Can Solana Hold Above $130? appeared on BitcoinEthereumNews.com.

Solana has struggled in August and, trading currently at $138, has been unable to break past the 20-day EMA and 50-day SMA, which have proven tough resistances. Most metrics, from the low RSI to the negative Weighted Sentiment, indicate bearish pressure is at a high, with analysts predicting a tougher September. Despite being the best-performing major crypto in the past year, Solana has struggled in August. The token started the month at $180 before dipping to a monthly low of $112. While it has recovered since then, it’s still trading nearly 25% lower, and analysts fear it could dip even further in September. SOL trades at $138.37 at press time, losing 4.75% in the past day, way above the average market dip of 1.8%. It was the biggest loser in the top 10 cryptos, with the likes of Ether and BTC only shedding 2.4% on average. Solana could be headed for more pain in the coming month. The fifth-largest token in the market, the token has recently dipped below its 20-day exponential moving average (EMA), which stands at $147.7, and the 50-day simple moving average (SMA), which stands at $155.74. The 20- and 50-day moving averages show the average price that the token has closed over the past 20 and 50 days, respectively. In a bullish market, these MAs can act as strong support, giving the token a platform to bounce back after a short-term dip. However, in a downtrend, they can prove to be tough resistances, as is happening with SOL, as shown in the graph below. SOL’s other metrics don’t paint a better picture. Its Relative Strength Index has remained low throughout August, surging briefly mid-week before dipping back again. It currently stands at 33, showing that the buying pressure is very low. Coinglass data shows that it’s…

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Filed under: News - @ August 31, 2024 12:26 am