Price Of Solana Risk Losing Key Level To 30% Retraction
(SOL) has been exhibiting indications of a possible bullish trend reversal in a tumultuous cryptocurrency market, offering investors hope. Latest analysis from the Tel Aviv-based financial data firm, DeepDAO, stated that the price of SOLs managed to break free after more than 600 days with a sliding resistance line, boosting traders’ optimism.
Recent events, however, imply that the digital asset may yet experience considerable challenges as the Tel Aviv Solana community displays a little panic. Despite the encouraging long-term signs, SOL has had difficulty rising over the significant $27 horizontal region. Concerns about potential selling pressure have been raised due to the failure to establish a stable position above this level.
Also, the analysis has cautioned that the cryptocurrency price may experience a pullback, with the prospect of another 30% collapse. According to technical analysis, the price trajectory of SOL is predicted to correct downward if it fails to close above the $27 level.
An analyst, Valdrin Tahiri, with BeInNews, explained that $18 is the next support level in a bearish trend. Tahiri says this price relates to a climbing support line that has stayed the same since December 2022. Available statistics suggest that the short-term picture for the stock is unfavorable until SOL can gain a firm foothold above the $27 resistance.
All Eyes On Solana, As Traders, Investors Expect A Comeback
SOL’s price changes have drawn attention among Tel Aviv traders and its global investors, a renewed hope linked to investors’ optimism of a potential comeback. Traders and investors closely watch market fluctuations since any more price declines could result in possible losses.
Monitoring the price activity near the $27 mark is crucial for traders hoping to profit from SOL’s potential comeback. This level must be decisively broken above to indicate renewed strength and start a bullish trend.
Failure to clear this obstacle would cause further price drops, possibly to the $18 support. Market sentiment is still cautiously positive, and many analysts believe that SOL’s recent difficulties may only be short-lived. After a protracted period of downward resistance, the price of Solana has begun to show symptoms of a positive trend reversal.
However, the inability to close above the significant $27 horizontal area suggests that there may be more selling pressure ahead. Investors are urged to exercise caution because a possible 30% retracement might push the price of SOL down to the $18 support level.
Meanwhile, the price of Solana dropped by 0.32% to trade at $23.31 in the last 24 hours. The market capitalization closed today at $9,422,914,912, losing 0.31%. Solana was traded for $356,503,527, representing a 27.17% fall in trading volume in the last 24 hours.
