Solana (SOL) has exhibited notable strength in the cryptocurrency market, recording an 8% gain for the week. However, the cryptocurrency faced a correction after reaching a three-digit valuation. Here are the key details:
Market Performance:
Weekly Gain: SOL managed to secure an 8% gain over the course of the week, indicating ongoing strength in its market performance.
Correction from Three-Digit Valuation: After reaching a valuation in the three-digit range, SOL experienced a correction. The psychological resistance posed by this level attracted profit-taking and selling pressure.
Technical Outlook:
Uptrend and Support Levels: As long as the uptrend remains intact, bulls maintain an advantage. SOL has established good support levels at $74 - $78, contributing to its overall bullish bias.
Resistance Levels: Strong resistance is observed at $118 - $123, highlighting the price levels where sellers may be active.
The ability of SOL to maintain its uptrend and hold above key support levels, particularly $100, will be crucial for sustaining a bullish bias.
Market Performance:
Weekly Gain: SOL managed to secure an 8% gain over the course of the week, indicating ongoing strength in its market performance.
Correction from Three-Digit Valuation: After reaching a valuation in the three-digit range, SOL experienced a correction. The psychological resistance posed by this level attracted profit-taking and selling pressure.
Technical Outlook:
Uptrend and Support Levels: As long as the uptrend remains intact, bulls maintain an advantage. SOL has established good support levels at $74 - $78, contributing to its overall bullish bias.
Resistance Levels: Strong resistance is observed at $118 - $123, highlighting the price levels where sellers may be active.
The ability of SOL to maintain its uptrend and hold above key support levels, particularly $100, will be crucial for sustaining a bullish bias.
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.
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.