Solana (Sol), one of the main market crypto, is currently at a decisive crossroads. After reaching a summit at $ 220, the price began a drop, crossing the support thresholds at $ 215 and $ 212. Currently, soil is negotiated below $ 205 and the simple mobile average over 100 hours, indicating a persistent bearish pressure. But everything could soon switch!
Crypto: Solana is at a decisive crossroads
A recent Crypto analysis reveals the formation of a descending channel or a Haussier flag on Solana, with resistance located around $ 213. To reverse this trend and consider a recovery, it is crucial that Sol exceeds the resistance levels at $ 215 and especially at $ 220. A successful fence above the latter could pave the way for a new upper dynamic, with potential objectives at $ 232 and even $ 250.
However, in the event of failure to cross these resistances, Solana could experience a new phase of decline. Immediate supports are at $ 202 and $ 198. A break below $ 198 could lead to a drop in crypto to $ 192, or even retest the crucial support at $ 175.
What do the technical indicators say?
Technical indicators support this analysis. The hourly macD for peer ground/USD shows a loss of momentum in the bullish area, while the relative force index (RSI) is maintained below 50, signaling a weakness of the crypto market.
It is therefore essential for Crypto investors to carefully monitor these key levels. Crossing the resistance to $ 220 could point out a significant recovery, while a fall below $ 198 could indicate a continuation of the lower trend. Solana's current situation then reflects the uncertainty of the cryptocurrency market, where price movements can be quick and unpredictable. However, several key factors will be able to determine the future trajectory of Solana, according to Ryan Lee, chief analyst at Bitget:
The feeling of the market remains mixed, influenced by both the developments of the ecosystem and by wider regulatory considerations, such as the potential approval of an ETP in cash. The volume of transactions will be a crucial indicator to validate any break or rupture from these levels. In addition, news related to blockchain progress or changes in regulatory frameworks could trigger significant price movements.
Solana is at a critical point. The next few days will be decisive to establish whether the crypto can overcome current resistances and reconnect with an upward trend, or if it is likely to be decreasing new pressures. Investors must therefore remain vigilant and ready to react according to market development.
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