Technical Analysis $SOL May 30, 2024

The bulls succeeded in keeping Solana (SOL) above the $162 breakout level but failed to initiate a strong recovery.

Failure to move higher will encourage the bears to drag the price below $162. If they do that, the SOL/USDT pair could drop to $140 and below to the critical support near $116.

Alternatively, if the price rises from current levels, the SOL/USDT pair could reach $189. The bears will try to stall the recovery at $189, but this level is likely to be surpassed. The pair could then reach the formidable barrier at $205.