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Solana (Sol) A had trouble maintaining the momentum After a rally which saw him culminated around the level of $ 183 on May 14. Since then, the action of Solana prices on the 4-hour table has not given a clear direction, the cryptocurrency fell to retest a key support area nearly $ 166.
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At the time of the writing of this document, Solana is negotiated about $ 169.43, slightly up 0.70% over the day, while he tries to defend this level of crucial support and to build a base for another movement up. Interestingly, a technical perspective on the TradingView platform underlined the paths that Solana could take in the coming days.
The $ 166 support keeps repeated tests, the break of $ 177 or $ 183 will be optimistic
According to A recent published analysis By tradecitypro on tradingView, the level of $ 166.82 is a key short -term pivot for Solana. After an upward leg which started $ 142.25 and extended to $ 177.51, the assets experienced a false escape attempt Beyond this resistance and was quickly rejected at $ 183.86.
This rejection brought back the price below $ 177.51 and in a retention of the region of $ 166.82. In particular, this level of support has been tested twice so far and has been firm. The 4 -hour table has solid upward candles forming around $ 166, which is an indication of a high purchase interest at this price level.
Keeping this in mind, an escape greater than the resistance of $ 177.51 or $ 183.86 would be the long position for a long position, especially if it is accompanied by the formation of a lower and higher in the higher advance.
Until such an escape occurs, the current configuration is an indecision. A successful violation and a daily fence above $ 177 supported by the increase in volume Prepare the ground for another movement To the region from $ 190 to $ 200 for Solana.
The short trade also valid below $ 166 support zone
The volume of the market, however, has Decreased in last week levels. At the time of writing this document, the negotiation volume 24 hours a day is 2.3 billion dollars, a drop of 36.15% compared to the previous period of 24 hours. As such, a new momentum will be necessary to drive Solana through resistance levels at $ 177 and $ 183.
For the moment, Solana’s price is consolidated closely above $ 166, and non-compliance with this level could open the door to a detection of supporter of $ 142.25.
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If the bears take control and push the lower price, the next significant demand area is at $ 142.25, which is the original point of the previous Haussier movement. Given the reaction of the price of this level earlier on April 30 and May 6, it should act again as solid support if it is tested.
At the time of writing Solana Exchange at $ 171. Up 1.6% in the last 24 hours.
Felash star image, tradingView graphic
