The post Solana: Why THIS price level could be crucial for SOL’s upcoming rally appeared on BitcoinEthereumNews.com.

The recent price action suggested that the bulls gained control, but strong resistance at $162 could prevent an immediate rally.  Traders should closely monitor the $162 resistance, as a break above this level could signal a stronger recovery. Solana [SOL] had recently experienced a decline after witnessing a classic ascending channel breakdown and falling below critical support levels as bearish momentum took hold. The question is whether the bulls can regain control or if further downside is imminent. Solana bulls re-entered the market Source: TradingView, SOL/USDT SOL had been under bearish pressure in early August after failing to hold above the crucial $172 level. Currently trading at around $156.7, SOL was down by nearly 1.26% in the last 24 hours.  After bouncing from the $142.15 support level on 6 August, SOL managed to clock in a 20% gain in just over three weeks. However, this bullish momentum was short-lived as the price met resistance at $162, a level that has been difficult for the bulls to overcome this month. Nonetheless, the price reclaimed some crucial support levels and hovered above the 20, 50, and 200-day EMA at the time of writing. It’s worth noting that there was slight bearish pressure as the altcoin reversed from the $162 resistance, and the price hovered in a zone that could see more volatility. The RSI stood above the 50 mark at press time, depicting a slight bullish edge. However, buyers should look for a potential close above the RSI resistance point at 60 to gauge the chances of a rally in the coming days. Key levels to watch The immediate support level to watch is near the $150 mark (20-day EMA). If SOL can hold above this level, it might attempt to retest the $172 resistance zone in the coming days. However, if…

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Filed under: News - @ August 27, 2024 8:24 am