Solana was rejected at the key resistance and momentum appears to be changing.
Key Support levels: $67
Key Resistance levels: $78
1. Breakdown Soon?
The resistance at $78 did not allow Solana to move higher and rejected the price several times. Now, bears appear to have the upper hand as SOL is losing its uptrend momentum.
2. Key Support Under Pressure
Since SOL is unable to move higher at this time, a correction appears likely and the first line of defense for buyers is found at $67. It is critical for Solana to hold above this support level. Otherwise, the price may make a lower low which could lead into a deeper correction.
3. MACD Momentum is Shifting
The MACD histogram on the three day timeframe is making lower highs and is dangerously approaching the negative side. This shows weakness on the buy side and may turn into a bearish cross if nothing changes this week.
Bias
The bias for SOL is neutral.
Short-Term Prediction for SOL Price
As long as buyers can hold the price above the $67 key support, then SOL still has a chance to return on an uptrend. If it fails, then the bias will change to bearish.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.