Solana (SOL) has been exhibiting a volatile performance that has attracted the attention of investors with its recent price movements. Solana (SOL), which encountered a strong resistance at the $ 202 level in April, could not overcome this resistance and entered a downward trend. This decline pushed SOL's price towards the $127 to $131 range, where it found significant support. Currently, SOL is trading around $141.
37 Percent Depreciation and Falling Wedge Model
The downward trend in SOL in the last three months has caused a 37% loss in value. During this period, SOL formed a typical falling wedge pattern on the daily chart, signaling a potential reversal. Solid support in the $127-131 range allowed the bulls to test the $154 level. However, SOL faced resistance at the 20-day and 50-day EMAs near $140 and $146, limiting this advance.
SOL retested the 200-day EMA level, which it tested for the first time in nearly nine months, but encountered some resistance. Historically, the last time SOL traded below the 200-day EMA, it entered an extended bearish phase that lasted about a year and a half starting in January 2022. The current 200-day EMA is in alignment with the $127 to $131 support range, and maintaining this support level increases the short-term recovery potential.
SOL is expected to fluctuate between $127 and $154 in the coming period. Investors can strategically position themselves for reversals from these support and resistance levels. A sustained close above $154 could allow buyers to move towards the $172 region for SOL. Conversely, if SOL closes below the $127 to $131 support range, an extended downtrend could begin and lead to oversold market conditions.
The Moving Average Convergence Divergence (MACD) indicator shows that there is still a bearish trend on the SOL. In order for SOL to break out of the current compression phase, the MACD lines must move above the zero level and signal a change in momentum. Before this happens, it is important for investors to remain cautious as downward pressure is likely to continue.
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