👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

Solana (SOL) Price Faces Crucial Support Test, Will Bulls Prevail?

Published 09/07/2024, 02:21 am
Updated 09/07/2024, 05:30 am
Solana (SOL) Price Faces Crucial Support Test, Will Bulls Prevail?
SOL/USD
-

The News Crypto -

  • The crypto market has started the July 2nd week on a bearish note.
  • Solana price has been trading within a closed range since mid-April, forming a resistance zone above $155.
  • If the market holds the SOL price above the crucial support level of $127, bulls may regain momentum and target the resistance level of $155.

Despite concluding the previous week on a positive note, the cryptocurrency market has taken a bearish turn as the second week of July unfolds. The market leader, Bitcoin, has experienced a significant pullback, hovering close to the $56,000 range, while Solana (SOL) has mirrored this price action, recording a notable correction in its portfolio.

As price volatility intensifies in the crypto space, investors are left wondering whether the Solana price will stage a bullish reversal this week or succumb to further declines.

Solana Price Approaches Critical Support Zone

In the wake of the ongoing cross-border market correction, the Solana price has shed 4.61% of its value within the past 24 hours, accompanied by a trading volume of $2.265 billion, representing a 9.53% increase.

Moreover, SOL has plummeted by 10.48% over the past week and 18.90% in the last 30 days, highlighting the bearish pressure on the altcoin.

Solana’s price has been confined within a closed range since mid-April, indicating a weak price action for the altcoin in the crypto market. Additionally, SOL has formed a resistance zone above the $155 level, signaling a strong selling point at that threshold.

However, robust buying pressure has also emerged near the crucial support trendline around the $120 level, suggesting a high probability of a bullish reversal for the Solana price at that juncture.

The Moving Average Convergence Divergence (MACD) indicator displays a constant flatline in the price chart, indicating weak buying and selling pressure for the SOL cryptocurrency.

Furthermore, the averages show a neutral trend, suggesting uncertainty regarding future price action.

On the other hand, the 50-day Exponential Moving Average (EMA) consistently acts as a resistance to the Solana price chart on the 1-day time frame, while the 200-day EMA serves as a crucial support. This divergence points to mixed market sentiments for the altcoin.

This content was originally published on The News Crypto

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.