Solana ‘In Serious Danger’ If $137 Support Breaks – Analyst Shares Targets
04 Outubro 2024 - 12:30PM
NEWSBTC
Solana is trading above a crucial support level at $137 after
experiencing a 17% correction from local highs around $160. This
recent dip has left analysts and investors on edge, awaiting
confirmation of the next price direction. Just last week,
sentiment was strongly bullish, but the current market atmosphere
is filled with fear and uncertainty. One notable analyst, Carl
Runefelt, has shared a chart highlighting the risk of Solana losing
its key support level, which could lead to further downside.
Related Reading: Can SUI Break Past $2 Resistance? On-Chain Metrics
Reveal Growing Demand The entire crypto market is grappling with
high volatility, amplifying uncertainty. This has led to growing
fear among investors, many concerned about the potential for deeper
corrections. While Solana showed strong momentum recently, the
present market conditions have dampened optimism, leaving traders
anxious for a clear signal that could reignite confidence. As
Solana continues to hover near this critical support level, the
coming days will be pivotal in determining whether it can regain
its bullish momentum or if further declines are on the horizon.
Solana Testing Crucial Demand Levels Solana is at a critical
juncture, as its price action has shifted from bullish to bearish
in just a few days. Bulls are now proceeding with caution,
especially below the $140 mark, which represents a key structural
level. The $137 support level is crucial, as it could be
Solana’s last defense against a further drop. Top crypto analyst
Carl Runefelt recently shared a technical analysis on X,
highlighting the precarious situation Solana finds itself in.
According to Runefelt, Solana could see a sharp drop to $128 if
this support level breaks, extending the current consolidation
phase. In addition to the risk of a breakdown, Runefelt also
pointed to key resistance levels that bulls need to target if
Solana is to regain its upward momentum. The most important levels
to watch are the $150 and $160 supply zones. A break above
these zones would be necessary to confirm a reversal into a bullish
trend. Until then, the price action remains uncertain, and
investors are closely monitoring these critical support and
resistance levels. Related Reading: Ethereum At Risk Of Further
Decline: Top Investor Sets $2,150 Target If Support Breaks The
current market volatility and the threat of further declines are
causing hesitation among traders. Solana’s ability to hold its
support or break through resistance will determine its next move.
SOL Technical Analysis: Prices To Watch Solana (SOL) is trading at
$139 after a correction from local highs that haven’t been broken
since July. The price faces significant resistance as it struggles
to reclaim the 4-hour 200 moving average (MA) at $139.9, a critical
strength indicator. For bulls to regain momentum, holding above
this level is essential. Additionally, the price must reclaim the
4-hour 200 exponential moving average (EMA) at $144.3 to confirm a
bullish reversal and signal a potential recovery. However, the
market may see further downside pressure if Solana fails to surpass
these crucial technical levels. A deeper correction could lower the
price to $120, a key demand zone that could serve as a new level of
support. This would extend the current consolidation phase and put
more downward pressure on Solana’s price. Related Reading: Cardano
(ADA) Faces Risk Of 30% Drop – On-Chain Metrics Confirm A Slow
Demand Investors are watching closely as SOL navigates this
critical range, with both bulls and bears waiting for a decisive
move in either direction. Featured image from Dall-E, chart from
TradingView
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