Market

SOL goes back to $130, what next?

SOL moved in line with the rest of the market over the week and has fallen back to the critical $130 support where the bulls may attempt to defend.

Major support level: $130
Key Resistance: $155, $170

SOL fell back to the critical support at $130 and failed to maintain its bullish momentum of the last week.

Buyers may be interested in the current price level as the last time it touched this key level the bulls emerged and put SOL in a slight uptrend.

The next resistance is at $155. This level will be a big challenge for any rally.

Daily SOL/USDT chart | Source: TradingView

Technical indicators

Volume: Trading volume decreases when the price falls, which is not favorable for the bears. Therefore, buyers may have a great opportunity to reverse the current downtrend.

RSI: The daily time frame RSI is still in a downtrend with lower highs and lower lows. A trend reversal is not yet in sight.

MACD: The daily MACD formed a bullish cross but failed to sustain momentum. This is a sign of weakness and shows that the bulls are not ready to start a rally.

Daily SOL/USDT chart | Source: TradingView

Perspectives

The current trend is downward. However, the bulls have a chance to push the SOL higher off the critical support as sellers look undecided on the volume. Therefore, staying above $130 for a few days would suggest that the price might retest the $155 resistance.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.