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04/07/24
107
Technical Outlook on the Performance of Solana (SOL)
The chart of SOL/USD shows that it has been difficult for the bulls to bring about more upside moves above the barrier level at $155. The bears swung into action and pulled SOL beneath the support level at $150.
A look at its 1-hour chart shows that it broke beneath a connecting bullish trend line with a support level at $150. The bears provided declining momentum and SOL moved below the support level at $145.
SOL continued towards the downside and there was a fall towards the support area at $132. It was able to reach levels as low as $132.17 prior to the current attempt to initiate a recovery wave.
The bulls pushed SOL above $135 and it is currently moving towards the 23.6% Fibonacci correction level of the latest downside move from $154.74 swing high to $132.17 low. Likewise, its current performance is at levels below $145, as well as below the 100 hourly SMA.
The ability of the bulls to initiate a new upside move may lead to the barrier level close to $138. The immediate key barrier level is close to $143.5, as well as near the 50% Fibonacci correction level of the latest downside move from $154.74 swing high to $132.17 low.
If SOL successfully closes past the barrier level at $143.5, the bulls may be able to pave the way for a steady upside move. The immediate major barrier level is close to $150. If there are any additional gains, the bulls may be able to push SOL towards $155.
On the other hand, the failure of the bulls to push SOL clearly past the barrier level at $143.5 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $135.
The initial key support level exists close to $132 and a move below it may bring about a visit to $125. If SOL closes below the support level at $125, the bears may bring about a move towards the support level at $112 over the coming few sessions.
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