What's next for Solana (SOL)? Key metrics show warning signs
Solana (SOL) bulls have managed to maintain their advantage in the market over the last week. Thanks to that, the token has been approaching a crucial level. A breakout above that could push the tokenâs price further up in the coming days or weeks.Â
Meanwhile, Ali, a popular crypto analyst, posted a tweet highlighting the fact that SOL was approaching a crucial resistance.Â
As per the tweet, it was important for Solana to go above the $154 resistance because a rejection at that marl could push the token down. To be precise, a failed test could push Solana down to $85 again, which might be disastrous for several investors.Â
By contrast, look at Coinglassâ data also revealed that Solanaâs long/short ratio dropped â typically a bearish sign.
Solana daily chart's analysis revealed that the Chaikin Money Flow (CMF) registered a downtick. This hinted at a price correction. However, the MACD was bullish as it displayed a buyersâ advantage in the market.
As per Hyblockâs data, if the downturn continues, then SOL has a strong support at $144. From there, the token can make a rebound. If that happens, then SOL might touch $150 before it eyes at $1564.Â
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