Cryptocurrency world’s impressive rally altcoin Solana, which soared above the $100 level, later exhibited a volatile movement. This situation, especially for those who invested in the cryptocurrency at three-digit levels, was of course a disappointment. In fact, we are at a stage where there are people waiting at a loss. So, what levels should be expected for Solana’s price from now on?
Which Levels Should Be Monitored for Altcoin Solana?
Altcoin Solana’s (SOL) price performance is trending within a bearish signal-dominated trend lately. Since mid-February, the altcoin SOL has been showing a clear downward trend, fluctuating between low and high levels. Within the Layer 1 token ecosystem, SOL is currently below the midpoint of a market range that varies between $79.49 and $126.27.
Upon closer examination, it is predicted that the price of altcoin SOL has a potential to decrease by 20%. In this scenario, SOL is expected to retract to the January 23 levels before starting its next upward movement. Currently, the price of altcoin SOL is precariously swinging just above a significant support level of $99.64. However, if this support is broken, SOL is likely to head towards lower levels.
Optimism Is Not Prevailing in SOL’s Price
Bear indicators support the pessimism in the cryptocurrency SOL’s price. Indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) point to a downward trend. The Awesome Oscillator (AO) also supports the bearish narrative, painting a negative picture in the SOL market.
However, the bulls are fighting amidst resistance. If the bullish case strengthens, SOL’s price could experience an upward reversal. In this case, surpassing the resistance level of $102.88 will be crucial. Also, SOL could gain momentum towards its higher levels around $120.
Those considering investing in cryptocurrency should take into account the uncertainty in Solana’s price trajectory. Despite potential declines, there are also expectations of a rise. In this dynamic environment, it is important for investors to be cautious and agile in the market. As opportunities can also arise in an environment of uncertainty, investors need to be prepared to capitalize on them.
