Price Analysis

Solana Price Could Find a New Strong Support Region Around $130! Is There Something to Panic?

Written by: Sahana Vibhute

Written by right arrow

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

Dec 17, 2021

news-image
Article Highlights
  • Solana price is yet again plunged below $180, while heading towards the $200 resistance levels

  • The plunge is expected to continue until the asset reaches bottomed levels below $150 before resuming with the bull rally

The bears appear to have taken back control as the Solana price after gaining more than 11% during the previous day has now shed more than 5.7% at the press time. From the past couple of days, a tough fight between the bulls and the bears has been witnessed and hence the volatility remains suppressed. Therefore, sellers witnessing the opportunity quickly jumped in as the buyers remained out of reach. 

What’s Next For Solana (SOL) Price ?

The narrow trend of the asset is expected to continue and the SOL price may revisit lower levels in the coming days. As the recent price trend suggests average trading as the bulls remain distinct. They would enter when the assets are available at discounted prices. And hence Solana is expected to hit as low as $130 as predicted by one of the analysts. 

It was more evident that the SOL price was ranging high in order to reach the $200 crucial zones. Yet the price initiated with a slash from the past couple of hours and may continue until it hits the buy zone. This may be when the bulls could enter to rally high, however, until then the asset could continue chopping around the same level. 

  • The SOL price in the short term is trading at the neckline of the H&S pattern formed and attempting very hard to flip the bearish divergence.
  • The immediate resistance levels reside around $194 and if the price needs to be validate as bull run then these levels needs to be cleared and sustained
  • The asset witnessed a significant bounce each time it smashed the levels around $150 and hence this is currently one of the important support levels. 
  • However, if the trading volume keeps on depleting then these levels could also be breached very soon.

Collectively, Solana price appears to have impacted from the current market trend which is following a substantial downtrend. However, the trend may continue further until it trends in the buy zone for a certain period of time. As current due to much uncertainty, buyers remain aloof yet could jump with some positive sentiments hovering around the space.

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button