Solana’s price has taken a significant hit during the recent market downturn. It’s down over 20% this week and is now trading below the $145 level.
This could be a worrying sign for SOL holders, considering some other top altcoins plunged a lot less, even in single digits.
However, it looks like profit-taking was substantial in Solana’s case, considering the fact that the SOL price rallied to over $190 before this crash but got rejected close to the $200 area.
Solana Price Analysis
According to altFINs, Solana’s price has regained the 200-day moving average, which is a sign of a long-term uptrend. The bullish breakout from the Descending Triangle and above the $160 resistance signaled a resumption of the uptrend. The current pullback near the $145 support could present another swing trade entry opportunity in the uptrend, with potential upside back to $200. Traders might consider a stop loss at $140.
The current pattern suggests a pullback in an uptrend. While the price remains in an overall uptrend, it has pulled back, which could present a ‘buying dip’ opportunity for some traders. It’s important to look for the nearest support level where the price could stabilize and potentially resume its uptrend.
Source: altFINS
In terms of trends, the short-term trend is Down, while the medium-term and long-term trends are Strong Up. The momentum indicators show that the price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
For support and resistance levels, the nearest support zone is at $125.00, followed by $100.00. The nearest resistance zone is at $160.00, with the next significant level at $200.00.
Read also: Ripple President Warns Traders; Here Are Huge XRP Updates
Solana Price Forecast
Given the current market conditions and technical analysis, it’s challenging to predict exactly when SOL will break the $200 mark. The recent pullback from near $190 to below $145 indicates significant selling pressure at higher levels.
However, if Solana can maintain its position above the 200-day moving average and the overall crypto market sentiment improves, we could see a gradual climb back towards the $200 resistance level. This would likely require a series of higher lows and higher highs to confirm the continuation of the uptrend.
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