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12/06/24
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Technical Outlook on the Performance of Solana (SOL)
The chart of SOL against USD shows that the activities of traders have prompted price actions within a short-term declining area. The bears were active, pulling SOL beneath the support area at $160 prior to the current consolidation of losses. They have sustained the performance of SOL beneath $150.
The bulls pushed SOL somewhat past the 23.6% Fibonacci correction level of the fall from $163.25 swing high to $145.03 low. A look at its 1-hour chart shows that its current performance is at levels beneath $155, as well as below the 100 SMA. The next barrier level on the way upward is close to $150.
The same chart shows the formation of a connecting declining trend line with a barrier level at $150. The immediate key barrier level is close to $152.5. The bulls may be able to pave the way for a more significant upside move if SOL successfully closes past the barrier level at $152.5.
The immediate key barrier level is close to $157 or the 61.8% Fibonacci correction level of the fall from $163.25 swing high to $145.03 low. If there are any additional gains, the bulls may be able to initiate a move to $165.
On the other hand, the failure of the bulls to push SOL past the barrier level at $152.5 could empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $145.
The initial key support level is close to $142 and a move beneath it may bring about a visit to $135. If SOL closes beneath the support level at $135, the bulls may be able to initiate a downside move to the support level at $120 over the coming few sessions.
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