Price Action and Trend: The current sentiment for Solana (SOL) appears bearish, as indicated by the prevailing downtrend. The key resistance level stands at 137.13, which corresponds to the current intraday swing high and a descending resistance trendline. A notable feature of the current price structure is the potential for an oversold rally from the existing levels, followed by a bearish rejection from the 137.13 level.
Bearish Scenario: If the 137.13 resistance level holds and the bearish sentiment persists, SOL could move lower, targeting the following downside support levels:
103.16 - The first major support, where buyers might attempt to regain control.
95.88 - A secondary support zone that could attract significant buying interest.
75.00 - A long-term support level, indicating a deeper correction if bearish momentum continues.
Bullish Scenario: Conversely, a confirmed breakout above 137.13 resistance with a daily close above that level would invalidate the bearish outlook. In such a case, Solana could target higher resistance levels as follows:
151.65 - Immediate resistance after the breakout, indicating bullish continuation.
173.30 - A further extension of the rally, suggesting increased buying pressure and a trend reversal.
Conclusion: The sentiment for Solana remains bearish as long as the price remains below the 137.13 resistance level. A bearish rejection from this level could trigger a move toward 103.16, 95.88, and ultimately 75.00 over the longer timeframe. However, a confirmed breakout above 137.13 and a daily close beyond it would negate the bearish bias, potentially initiating a bullish phase with targets at 151.65 and 173.30.
Traders should closely monitor the 137.13 level and watch for a potential breakout or rejection to determine the next directional move.
Bearish Scenario: If the 137.13 resistance level holds and the bearish sentiment persists, SOL could move lower, targeting the following downside support levels:
103.16 - The first major support, where buyers might attempt to regain control.
95.88 - A secondary support zone that could attract significant buying interest.
75.00 - A long-term support level, indicating a deeper correction if bearish momentum continues.
Bullish Scenario: Conversely, a confirmed breakout above 137.13 resistance with a daily close above that level would invalidate the bearish outlook. In such a case, Solana could target higher resistance levels as follows:
151.65 - Immediate resistance after the breakout, indicating bullish continuation.
173.30 - A further extension of the rally, suggesting increased buying pressure and a trend reversal.
Conclusion: The sentiment for Solana remains bearish as long as the price remains below the 137.13 resistance level. A bearish rejection from this level could trigger a move toward 103.16, 95.88, and ultimately 75.00 over the longer timeframe. However, a confirmed breakout above 137.13 and a daily close beyond it would negate the bearish bias, potentially initiating a bullish phase with targets at 151.65 and 173.30.
Traders should closely monitor the 137.13 level and watch for a potential breakout or rejection to determine the next directional move.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.