🔥 $SOL Hanging From Edge - U.Today Analytics

Solana has been one of the most stable assets on the cryptocurrency market thanks to the movement above the $150 threshold. However, things are about to change considering the fact that it is barely holding onto the 100 EMA which, if breached, will certainly lead to a strong drop toward the $130 price level that coincides with the 200 EMA and acts as a strong buffer for the price.

Right now, Solana is barely hanging onto the 100-day Exponential Moving Average (EMA), which is a significant support level. For this asset, 100 EMA has in most cases been the critical point where the price reverses back upward in case of downtrends. Unfortunately for Solana, if that support is breached, then it might suffer a deep decline.

The next key support area lies around $130, which also coincides with the 200-day EMA. In technical analysis, the point where the 200 EMA crosses can be considered as a horizontal support or resistance line. However, at this level a sharp pullback may take place, inhibiting further declines in case of Solana’s price reaching that level.

When the 100 EMA breaks through, panic-selling may accelerate toward the downward trend to reach the 200 EMA at $130.

At press time, SOL is trading at:

- $147.89 on Binance

- $147.86 on WhiteBIT

- $147.85 on Coinbase