Lokesh Gupta
18-06-2024
#Solana has tumbled to $128, marking its lowest level since May 1st, reflecting a drop of over 39% from its highest point this year.
$SOL price has been under bearish influence for about a month, forming a descending channel pattern on the daily time frame.
$SOL continues to trade within the descending channel, indicating a high potential for testing its support trendline.
SOL price had previously been trending inside a symmetrical triangle pattern.
SOL's price is currently trending below the 50-day SMA but above the 200-day SMA, suggesting a struggle between the bulls and the bears.
According to Coingabbar analysis, If Solana holds above $127, bulls may regain momentum and test the $155 resistance level.
Solana found support at the 200-day EMA; a break below it targets $120, May's lowest swing, indicating further downside.
KEY LEVELS :
RESISTANCE LEVEL : $146-$155
SUPPORT LEVEL : $128-$118
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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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