The post Solana traders, SOL’s latest breakout means THIS for you! appeared on BitcoinEthereumNews.com.

Solana fell below the important $172-level and found support near its 20-day EMA SOL’s derivates data revealed mixed market sentiment with a near-term bearish edge A recent pattern break pulled SOL below the crucial 20-day EMA after the bears re-entered the market to provoke a downtrend over the last few days. The previously overbought conditions provoked a well-anticipated reversal from the $186-resistance level, one that the bears have guarded for over three months now. At the time of writing, SOL was trading at $164 on the charts. Will Solana bulls make a comeback soon? Source: TradingView, SOL/USDT After rebounding from the $131 support level in early July, SOL bulls entered the market briefly and provoked a streak of green candles on the daily chart. In the meantime, the altcoin formed a classic ascending channel pattern and registered an ROI of nearly 45% in just over three weeks. However, the bears stepped in at the $186-resistance level and provoked an anticipated downtrend on the charts. As a result, SOL’s price saw a patterned breakout and fell below the 20-day EMA. This downtrend had pulled SOL into a relatively low liquidity zone, at the time of writing. As a result, traders can expect high volatility in the next few days. The altcoin will likely look to retest the $154 support level before a possible bullish reversal. In this case, SOL will look to retest the $172-$173 range. Should the bears continue to exert pressure, any decline below the $154-support can delay any immediate recovery prospects. In such a case, bears will look to retest the $142-$145 range in the coming days. The RSI dipped below 50 to show a slight bearish edge at press time. A sustained trajectory below this level will reaffirm an ease in selling pressure. Moreover, the MACD lines…

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Filed under: News - @ August 3, 2024 3:26 pm