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17/06/24
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Technical Outlook on the Performance of Solana (SOL)
The chart of SOL/USD shows that the bears were able to extend downside moves beneath $150. They pulled SOL beneath the support level at $142 prior to the emergence of the bulls at price levels close to $138.
SOL was able to reach levels as low as $138.01 prior to the bulls initiating a modest upside move in recent times. They pushed SOL clearly past two barrier levels including $142 and $145.
SOL moved past the 50% Fibonacci correction level of the fall from $161.89 swing high to $138.01 low. A look at its 1-hour chart shows that its current performance is at levels above $145 as well as above the 100 SMA. The same chart shows the formation of a connecting bullish trend line with a support level at $146.
The next barrier level is close to $150. The immediate key barrier level is close to $152.5 or the 61.8% Fibonacci correction level of the fall from $161.89 swing high to $138.01 low. The bulls may be able to pave the way for more significant upside moves if SOL successfully closes past the barrier level at $152.5.
The immediate major barrier level is close to $156.5. If there are any additional gains, the bulls may be able to push SOL toward $160. On the other hand, the failure of the bulls to push SOL clearly past the barrier level at $152.5 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $145 as well as near the trend line.
The initial key support level is close to $142 and a move beneath it may bring about a visit to $138. If SOL closes beneath the support level at $132, the bears may be able to pave the way for a fall towards the support level at $125 over the coming few sessions.
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