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24/06/24
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Technical Outlook on the Performance of Solana (SOL)
The chart of SOL against USD shows that the bulls tried to push it back to price levels above $132. However, the bears did not allow it, so they used the opportunity to initiate a new move to the downside.
SOL was pulled beneath two support levels, including $130 and $125. It was able to reach levels as low as $123.24 prior to the current move to the downside. A look at its 1-hour chart shows the formation of a connecting declining trend line with a barrier level at $130.
The chart shows that its current performance is at levels beneath $130, as well as below the 100 SMA. The ability of the bulls to initiate a recovery move to the upside may lead to the barrier level close to $126.5 or the 23.6% Fibonacci correction level of the fall from $136.65 swing high to $123.24 low.
The next barrier level is close to $128.5. The immediate key barrier level is close to $130 or the trend line. Likewise, it is near the 50% Fibonacci correction level of the fall from $136.65 swing high to $123.24 low.
If SOL successfully closes past the barrier level at $130, the bulls may be able to pave the way for a steady move to the upside. The immediate major barrier level is close to $132.5. If there are any additional gains, they may be able to push SOL towards $136.5.
On the other hand, the failure of the bulls to push SOL clearly past the barrier level at $130 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $123.5.
The initial key support level is close to $122 and a move beneath it may bring about a visit to $120. If SOL closes beneath the support level at $120, the bears may be able to pave the way for a move toward the support level at $112.5 over the coming few sessions.
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