Solana price action exhibits a bearish sentiment, driven by the prevailing downtrend. The recent price movement appears to be an oversold bounce back, forming a bearish sideways consolidation pattern. This indicates that bearish pressure remains dominant despite a temporary upward correction.
Key Level (136.68):
The critical trading level to monitor is 136.68, which marks the previous intraday consolidation zone. An oversold rally approaching this level could face bearish rejection, reinforcing the continuation of the downtrend. A failure to break above this resistance level would likely prompt further downside movement.
Support Levels:
If the bearish sentiment prevails and the price is rejected from the 136.68 level, the downside targets include:
119.80 - Immediate support level.
105.21 - Secondary support.
97.71 - Long-term support level.
Bullish Scenario:
Conversely, a confirmed breakout above the 136.68 resistance level, followed by a daily close above it, would negate the bearish outlook. This breakout could initiate further upward momentum, targeting:
142.24 - Initial resistance after the breakout.
149.90 - Subsequent resistance level.
Conclusion:
The overall sentiment for Solana remains bearish, with 136.68 acting as the pivotal resistance level. An oversold bounce approaching this level may face rejection, signaling a continuation of the downward trend. However, a breakout and daily close above 136.68 could shift the sentiment to bullish, opening the path for further gains toward 142.24 and 149.90. Traders should remain cautious and watch for confirmation signals at the critical resistance level.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Level (136.68):
The critical trading level to monitor is 136.68, which marks the previous intraday consolidation zone. An oversold rally approaching this level could face bearish rejection, reinforcing the continuation of the downtrend. A failure to break above this resistance level would likely prompt further downside movement.
Support Levels:
If the bearish sentiment prevails and the price is rejected from the 136.68 level, the downside targets include:
119.80 - Immediate support level.
105.21 - Secondary support.
97.71 - Long-term support level.
Bullish Scenario:
Conversely, a confirmed breakout above the 136.68 resistance level, followed by a daily close above it, would negate the bearish outlook. This breakout could initiate further upward momentum, targeting:
142.24 - Initial resistance after the breakout.
149.90 - Subsequent resistance level.
Conclusion:
The overall sentiment for Solana remains bearish, with 136.68 acting as the pivotal resistance level. An oversold bounce approaching this level may face rejection, signaling a continuation of the downward trend. However, a breakout and daily close above 136.68 could shift the sentiment to bullish, opening the path for further gains toward 142.24 and 149.90. Traders should remain cautious and watch for confirmation signals at the critical resistance level.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.