Solana Pullback To $137: Will Bulls Break Through Or Bears Dominate?
03 Septembre 2024 - 11:00PM
NEWSBTC
Solana (SOL) has recently pulled back to the $137 level, a key
point that could dictate its next move in the market. As the
cryptocurrency tests this resistance, market participants are
watching closely to see if the bears will seize the opportunity to
drive prices lower, or if the bulls will capitalize on this
pullback to ignite a breakout. This article aims to analyze
Solana’s recent pullback to the $137 level and assess whether the
bears can regain momentum to push the price lower or if the bulls
will leverage this moment to drive a breakout. By examining key
technical indicators, market sentiment, and potential scenarios, we
aim to provide traders and investors with a comprehensive outlook
on SOL’s next potential moves and what to watch for in this crucial
phase. Currently, Solana is trading at approximately $135,
reflecting a 4.66% increase. The cryptocurrency boasts a market
capitalization of over $63 billion, with a trading volume
surpassing $2 billion. Over the past 24 hours, Solana’s market cap
has grown by 4.70%, while its trading volume has dipped by 6.89%.
Market Overview: SOL’s Recent Movement To $137 On the 4-hour chart,
Solana has gained significant bullish momentum, advancing toward
the $135 mark and forming multiple positive candlesticks just below
the 100-day Simple Moving Average (SMA). This upward movement
suggests increasing buying interest. However, the proximity to the
100-day SMA indicates that the bulls will need to maintain their
momentum to overcome this resistance and push higher. Additionally,
on the 4-hour chart, the Relative Strength Index (RSI) has climbed
to 48% after rebounding from the oversold zone and is now
attempting to move above the 50% mark. This upward shift in the RSI
indicates strengthening buying pressure, which could support
further positive movement if it continues. On the daily chart,
Solana is showing signs of a bullish attempt toward the $137 level,
remaining below the 100-day SMA. A bullish momentum candlestick was
formed in the previous trading session, suggesting potential upward
movement despite its current position below the key moving average.
Finally, the 1-day RSI suggests that Solana might extend its
current pullback. The signal line, which had previously dropped to
34%, is now showing signs of recovery and is currently sitting at
40%. Thus this upward movement could indicate a potential shift in
momentum, suggesting that SOL might regain optimistic strength as
it progresses. Crucial Levels To Watch: Resistance And Support
Zones For Solana Monitoring key support and resistance levels will
be critical as Solana navigates its current price action. The
immediate resistance is at the $137 level, which could challenge
the ongoing bullish momentum. Should Solana surpass this
resistance, it may target higher levels, potentially testing new
highs. On the downside, the crucial support level to monitor is
approximately $118. If SOL cannot break through the $137
resistance, it may face additional declines, potentially dropping
toward $118 and reaching even lower support zones. Featured image
from Adobe Stock, chart from Tradingview.com
Sei (COIN:SEIUSD)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
Sei (COIN:SEIUSD)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024