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30/07/24
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Technical Outlook on the Performance of Solana (SOL)
The chart of SOL/USD shows that the activity of traders sustained it within a positive area and the bulls pushed it higher, prompting a performance better than BTC and ETH. SOL was able to move past two barrier levels, including $180 and $185. The bulls eventually pushed SOL to visit the $192 area, but it was difficult to hit $200.
SOL reached levels as high as close to $193.86 prior to the bears initiating a new move to the downside. The bears pulled SOL beneath two support levels, including $190 and $188. There was a fall beneath the 23.6% Fibonacci correction level of the upswing from $165 swing low to $193 high.
A look at its 1-hour chart shows that it broke beneath a major bullish trend line with a support level at $187. The same chart shows that its current performance is at levels beneath $185, as well as below the 100 SMA.
The bulls are currently doing their best close to the support level at $180, as well as near the 50% Fibonacci correction level of the upswing from $165 swing low to $193 high. SOL is encountering a barrier level close to $185 on the way upward. The immediate key barrier level is close to $188.
If SOL successfully closes past the barrier level at $188, the bulls may be able to pave the way for a steady move to the upside. The immediate key barrier level is close to $192. If there are any additional gains, they may be able to push SOL towards $200.
On the other hand, the failure of the bulls to push SOL past the barrier level at $185 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $180. The initial key support level is close to $175.
If SOL breaks beneath $175, the bears may be able to pull it towards $165. If it closes beneath the support level at $165, they may compel it to fall towards the support level at $155 over the coming few sessions.
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