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Next Key Solana (SOL) Support Revealed
The recent collapse of Bitcoin below $100K has sent shockwaves throughout the cryptocurrency market, with many altcoins experiencing significant losses. Solana (SOL), which had been trending upward in recent weeks, is no exception. The price of SOL has plummeted to new lows, leaving investors wondering what’s next for this once-promising asset.
In light of these developments, it’s essential to re-examine the key support levels that could potentially impact the future direction of Solana’s price action.
As we previously reported, Solana’s recent rally ended abruptly with Powell’s statements, and unfortunately, it seems like a complete reversal is not yet on the cards. While SOL is currently trading below the $250 level, it’s crucial to identify key support levels that may prevent further losses.
According to our technical analysis, the next critical support level lies around the $196 mark. This region has historically provided significant resistance and may act as a bounce or consolidation point before a potential reversal. However, without distinct bullish indications, traders should remain cautious and avoid getting caught off guard by further dips.
It’s also essential to note that the RSI (Relative Strength Index) is still in the lower range and displays bearish momentum. As such, it’s possible that SOL may continue to slide before finally stabilizing or making a reversal attempt.
To confirm our analysis, we’ll be closely monitoring volume spikes for signs of a potential breakdown or reversal. Until then, it’s crucial to exercise caution when considering any new positions in the market.
What do you think about Solana’s (SOL) current price action? Share your thoughts and predictions with us in the comments below!
Source: u.today
