Lokesh Gupta
01-05-2024
#Solana ($SOL) witnessed a mid-month recovery but quickly lost momentum after retesting a crucial price level, resulting in a 24% decline over the past eight days.
Currently trading below $140 against the US Dollar, SOL is in a bearish zone akin to Bitcoin. Further losses are possible if it remains below the $120 support zone.
Analysis of the daily chart indicates a breach of the ascending trendline, which had been intact since late November 2023.
The falling price suggests a break from multi-month support, indicating a prolonged correction trend led by sellers in the near future.
The Daily timeframe reveals the formation of an inverted cup and handle pattern, indicating a potential downturn.
On the daily chart, $SOL's price was rejected by the 100-day Moving Average.
If bearish sentiment continues in the crypto market, SOL's price might extend its decline to test the $100 support level this month if it closes below $120.
According to Coingabbar analysis, Conversely, if bulls regain control and reclaim the $130 level, key resistance areas to watch out for are $145 and $170.
KEY LEVELS :
RESISTANCE LEVEL : $128-$135
SUPPORT LEVEL : $115-$110
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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