Will solana Break Above $200 Soon? Three Things to Watch This Week (SOL Price Analysis)
After the impressive rally above $200, the bears are back.
Key Support levels: $164, $120
Key resistance levels: $206, $260
1. The bears are coming back
With Bitcoin and Ethereum declining, Solana could not hold back and sellers pushed it into a deeper pullback that reached the $164 support. As long as this key level holds, Solana’s uptrend will remain intact.
Chart according to Tradingview
2. Will Basic Support Continue?
The $164 support has a good chance to bring buyers back and put an end to this correction. If the bulls fail to hold this level, look at $120 as the next line of defense.
Chart according to Tradingview
3. Daily RSI Shows Weakness
This correction pushed the daily MACD histogram lower. This is the first sign of weakness for Solana. This is not important for now, but if the moving averages trend downward, SOL’s price will likely not make new highs in the near term.
Chart according to Tradingview
Prejudice
SOL’s trend is downward.
Short Term Forecast for SOL Price
Watch the key support at $164 closely as this will determine where Solana moves in the coming days.
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Cryptocurrency charts from TradingView.
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