Breakdown Soon?
The resistance at $78 has been a major obstacle for Solana, causing the price to be rejected multiple times. Currently, the momentum is shifting, indicating that bears may have the upper hand.
Key Support Under Pressure
With Solana struggling to move higher, a correction seems imminent. The crucial support level to watch is $67. If Solana fails to hold above this level, it could lead to a deeper correction.
MACD Momentum is Shifting
The MACD histogram on the three-day timeframe is showing weakness on the buy side, with lower highs and approaching the negative side. If this trend continues, it may result in a bearish cross.
Bias
The bias for SOL is currently neutral.
Short-Term Prediction for SOL Price
If buyers can maintain the price above the key support level of $67, there is still a chance for Solana to resume its uptrend. However, if it fails to hold this level, the bias will shift to bearish.
Hot Take: Solana’s Momentum at Risk as Key Resistance Holds Strong
Solana’s recent attempts to break through the key resistance level at $78 have been unsuccessful, leading to a potential shift in momentum. With bears gaining strength and key support levels under pressure, it remains to be seen whether Solana can maintain its upward trajectory. Traders and investors should closely monitor the price action around the critical support level of $67 as it could determine the future direction of SOL. As always, market conditions can change rapidly in the crypto space, so it’s important to stay informed and adapt your strategy accordingly.
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