The price of Solana (SOL) is showing signs of weakness today. The coin is trading at $128.25, reflecting a minor decline of 0.19%. Over the past few weeks, Solana has faced significant selling pressure, as evidenced by the downward momentum seen in September.
The major support level is currently holding at $127.39, a crucial zone that has been tested several times since mid-July. If this support breaks, Solana could face further downward pressure, with the next potential support level at $110.
On the upside, resistance is seen at $163.23, a level that has acted as a ceiling for Solana in August. Should bullish momentum return, breaking through this resistance could pave the way for a rally towards $186.87.
The consistent lower highs and inability to break through key resistance zones suggest a bearish trend in the short term. Traders may observe a consolidation phase around the $128 zone as buyers step in to defend the support. However, failing to hold above $127 could trigger a steeper decline towards the $120 range.
Solana is now leaning into a bearish trend, with sellers calling the shots. However, market dynamics can shift quickly. If the broader crypto market catches a wave of positive sentiment, Solana might find some relief and bounce back. All eyes should be on the critical $127 support level. Whether it breaks or holds, it could signal the next big move. Traders should stay alert for either a deeper dip or a potential recovery if buying interest kicks in.
This post was last modified on Oct 02, 2024, 10:18 BST 10:18