SOL plunge warning! Triple top pattern revealed, $135 becomes life and death line?
SOL price failed to break through the $162 resistance again and fell.
On the daily chart, a connecting upward trend line is forming with support at $135.
Solana faces a triple top pattern, and bulls must hold the $135 support.
Solana price drop concept
Solana (SOL) struggles below $162 and $150. The recent decline has put pressure on bulls to hold the $135 support.
Solana price blocked near $162
In previous technical analysis, we mentioned the importance of the $162 resistance level to Solana many times. The price once reached a high of $162.10, and then SOL began to fall like Bitcoin.
The price fell below the $155 and $150 support levels and even briefly fell below the 50% Fibonacci retracement level of the upward move from the $120 low to $162 high.
Solana Price Daily Chart | Source: SOL/USD on TradingView.com
Solana is struggling to stay above the 50-day simple moving average (blue). More importantly, there is a possibility of a triple top formation near the $162 resistance area.
The current support level is near the $140 level. The first important support level is near the $135 level. On the daily chart, a connecting ascending trend line is forming with support at $135, which is close to the 61.8% Fibonacci retracement level of the upward move from the $120 low to $162 high.
The next important support level is near the $130 level. If the $130 support level falls below, the price could retrace towards the main support level of $120 (an area that has been touched multiple times). More losses could trigger a move towards the $105 support level.
Will SOL rise again?
Instead, Solana bulls are likely to hold the $135 support level. The current resistance level is around $150. The first major resistance level is around $155. If it successfully breaks through $155, SOL may head towards the major obstacle level of $162.
If SOL manages to close above the $162 resistance level on the daily chart and subsequently breaks through $165, it may lay the foundation for another round of gains.
The target that Yongge has been investigating for a long time is about to be launched. Believers will be blessed. Like, follow and comment to let me see you!
