Facing a resistance level during recent recovery, Sol resumed drops and is now forming a new bearish pattern following a 10% decrease in a week. It currently looks set to break down while approaching a critical support
Last week saw Sol through a small buying after a sudden price collapse to $176 in the early month. The buying was short-lived as it rejected the $209 level. It marked resistance at this level and initiated drops.
Re-attempting buying with a counter move, the bulls failed to push above the resistance level and lost control as that week closed strongly bearish.
This led to a breakdown of the $187.5 support level and the price tested a daily low $180 as supply steadily increased again. From a technical standpoint, things might get worse in the next couple of days as it forms a new bearish pattern following a double-digit loss in a week.
A further loss could result in a serious bloodbath, which could lead to a major price breakdown. If such a scenario plays out, Sol may revisit the November 2024 low for support. That may cause more pain and fear.
Right now, the bulls are off the market. If by any chance they reappear with a push above the previous resistance, we can anticipate a positive move. As it stands, the bears are not just back but are now in control.
Source: Tradingview
Now that the price is facing the critical $175.9 support, a breakdown from there could plunge the price through $165 to test a low of $156.
If the price climbs back above the lost $187.5 support-turned-resistance, it must reclaim last week’s $206 high before considering a bullish move. Higher resistance levels for an increase would be $223 and $244.7.
Key Resistance Levels: $187.5, $209, $223
Key Support Levels: $175.9, $165, $156
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: salarko/123RF // Image Effects by Colorcinch
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