Following several bounces off crucial support in the past months, Sol faced tough resistance again and began to lose traction. The price is currently on the verge of breaking through a three-week support.
This month’s trading has been quite interesting as Sol bounced sharply from a dip but things turned out ugly as it failed to sustain momentum above the $164 level. It managed to retake this level last week but the price got rejected again, bringing a halt in the recovery last weekend.
The crypto declined this week and posted a roughly 10% loss to where it is currently priced at $138, near multi-week support. A daily close below this support could trigger a bigger sell-off in the upcoming month.
If that comes into place, Sol’s price could plunge below the crucial $120 support that has been holding the market since the correction started in March. Such a breakdown could lead to a 50% drop in the price.
But if this crucial support continues to produce a bounce, we can expect a major price recovery just like what we saw in the previous trading. For now, the market remains under the bears’ radar from a mid-term outlook.
SOL’s Key Level To Watch
Source: Tradingview
While Sol is attempting to wrap up the month bearishly, the closest support for a test lies at $136.1- a three-week low, followed by $130 and $120 respectively. There’s also support at $110 in case of a breakdown.
Currently, the $155 and $163.5 levels are held as resistance. If the bulls push back above these levels, their next area of interest would be $175.6.
Key Resistance Levels: $155, $163.5, $175.6
Key Support Levels: $136.1, $120, $110
- Spot Price: $138.7
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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