Analyst: Solana ‘Must Break Descending Resistance’ To Regain Bullish Momentum
Solana is trading above a significant demand level of $157, suggesting a comeback following a recent drop. Everyone is watching Solana try to restore positive momentum after this important level stayed solid despite market turmoil.
This week will see more crypto market volatility due to the U.S. election and the Federal Reserve's interest rate announcement.
A technical study by top analyst and investor Carl Runefelt suggests Solana needs break over a critical resistance level in the next days to resume its rise. Runefelt says this barrier has held the price back, and a breakthrough might boost SOL investors' excitement.
Solana may fall more if it fails to break this important barrier. With these major macro developments, Solana's future movements will be widely watched, as breaching resistance might suggest a greater rise.
Solana has excelled this cycle, holding above a key support level that previously functioned as resistance. As Solana fights to regain bullish momentum, this event might define its near-term destiny.
After sharing views on X, renowned analyst Carl Runefelt said Solana faces a major test at a declining resistance level that has persistently restricted its advances. Runefelt's 2-hour SOL chart technical analysis shows resistance at $164.
He believes a breakthrough over this level will boost Solana, signifying a positive price trend.
This week's U.S. election and Federal Reserve interest rate decision might cause large price movements due to uncertainty and market manipulation. These macro factors might affect Solana's movement, making the resistance break even more important.
If Solana breaks this level and finds support over $164, positive optimism might propel the cryptocurrency to new highs. Failure to do so might boost selling pressure and risk a pullback, particularly if market volatility rises. Traders and investors will keenly examine this significant mark in the coming days for Solana's future.
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