Solana (
SOL) is currently at a critical level from a technical perspective.
The $120 level has historically served as strong support, having been tested and respected on multiple occasions in the past. However, I’m skeptical about its ability to hold this time around, given the current market dynamics and momentum.
Should $120 fail to hold, the next significant support level I’m monitoring is around $80. This level is particularly noteworthy as it aligns with two key technical indicators: the volume weighted average price (VWAP), which reflects the average price adjusted for volume and often acts as a magnet for price action, and the 1.618 Fibonacci retracement level, a widely watched extension in technical analysis that frequently marks reversal zones in trending markets.
The confluence of these factors at $80 suggests it could serve as a strong potential support zone if price continues to decline.
SOL) is currently at a critical level from a technical perspective. The $120 level has historically served as strong support, having been tested and respected on multiple occasions in the past. However, I’m skeptical about its ability to hold this time around, given the current market dynamics and momentum.
Should $120 fail to hold, the next significant support level I’m monitoring is around $80. This level is particularly noteworthy as it aligns with two key technical indicators: the volume weighted average price (VWAP), which reflects the average price adjusted for volume and often acts as a magnet for price action, and the 1.618 Fibonacci retracement level, a widely watched extension in technical analysis that frequently marks reversal zones in trending markets.
The confluence of these factors at $80 suggests it could serve as a strong potential support zone if price continues to decline.
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Tealstreet.io Trade Faster & Trade Easier
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.