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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Content in partnership with:
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Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.