The price of Solana’s token SOL is struggling as the Bitcoin price hovers around $65,000, causing issues in the altcoin market. The unpredictable market situation has significantly affected SOL, pushing its market worth below $150. This decline has brought it to significant support points, with traders closely monitoring for signs of a turnaround.
In the midst of this ambiguity, investors, often referred to as “side bettors,” are prepared to make bullish moves. Will the value of the altcoin plummet to $100 or instead undergo an early recovery and rise above $150 again?
Here’s Why $120 Level Stands As Crucial Support For Solana Price
Amidst the wider market instability becoming more pronounced, Solana finds it hard to halt the surging supply trend. This results in a significant drop of nearly 40% in the SOL price over a two-week period due to mounting selling pressure.
In the midst of a decline, this altcoin with exceptional performance drops below the $150 mark and touches its 100-day moving average. Yet, the daily charts indicate that the market has shown resistance to further decreases, suggesting buyers are stepping in at lower prices.
At present, the Solana price is approaching its long-term support trendline, which could lead to a bullish rebound in the near future. Over the past five months, this upward-sloping trendline has served as a reliable support level for investors, allowing them to buy during price dips. With Bitcoin’s halving imminent, Solana may rely on this trendline to prevent any significant drops below $120. The coin is currently priced at $137 and has seen a 1.20% increase on the day, resulting in a Doji candle on the chart.
Additionally, the Solana market price has reached the 38.20% Fibonacci resistance level. The daily chart of the SOL price pattern reveals several potential buying points, which could trigger a new upward trend.
Will Solana Price Return to Recovery Trend?
Despite market instability, Solana’s price pattern hints at an impending bullish turnaround. A notable support trendline has emerged, leading investors to expect a sustained uptrend followed by another price increase. If this occurs, the Solana price could potentially breach the $150 psychological barrier and target the $200 resistance level.
If the supply pressure increases, on the other hand, Solana could drop down to the next support level of $100.
Technical Indicator
- Exponential Moving Average: The 50-day fails to provide a bounce back as the altcoin tests the 100-day EMA.
- Directional Movement Index: The bearish crossover in the DI lines is gaining space, reflecting an intense correction wave. The rise in the ADX line showcases a surge in trend momentum.
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2024-04-17 18:58