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Following the latest Bitcoin price drop, Solana is also losing 8% daily and missing a key support level. This sudden drop signals a sell-off, which could drive prices even lower before the end of the month.
From a low of $8, Solana bounced and rose more than 200% to a high of $25 in three weeks. It consolidated around that price for days before dropping sharply to around $20.4 today.
The recovery appears to have reached a point of exhaustion and may take a dip in the coming days. Today’s reduction is indicative of price weakness. The salespeople seem to be backing off.
Meanwhile, Solana continues to trade inside a descending channel in a swing-low pattern. The price could still go up to $26 and certainly $28 if the buyers regroup properly. If not, the next few days could see serious bloodshed.
A 50% correction is expected from the three-week high if prices continue to fall. For Solana to continue its upward movement, it needs to surpass its previous high to claim more profits.
However, the price is still up 40% in a week despite the losses in the crypto market today.
Solana Key Levels To Watch Out For
Solana recently took a break from a 3-day consolidation phase. And it may seek a lower level in the coming hours.
In anticipation, the closest support level to watch is $18.93. Beneath that lies the $15.12 breakout level during last week’s trading. Another support to keep in mind is $11 if the price drops further. A break from here would confirm a long term bearish continuation.
If the price recovers above the previous resistance level of $25, the next buying target will be $28, with a close at $30 – around the channel resistance. A significant break above this channel will validate a strong buy.
Main Resistance Levels: $25, $28, $30
Key Support Levels: $18.93, $15.12, $11
- Spot Price: $21.95
- Trend: bullish
- joy: Tall
Disclosure: This is not trading or investment advice. Always do research before buying any cryptocurrency or investing in any service.
Image Source: moxumbic/123RF // Image Effects by Colorcinch
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