Solana Drops Below $83 as $61 Support Approaches
- Technical Risk Heightened: Solana continues to trade below the crucial weekly opening price of $83.05, reaching its lowest levels this year, indicating a significant downward trend, and if it fails to rebound, it could approach the $60 zone.
- Liquidation Impact: CW's latest liquidation chart reveals that nearly all highly leveraged long positions accumulated over the past month have been wiped out, indicating a substantial reduction in speculative risk, as significant liquidity was cleared when prices fell from above $90 to the lower $80s.
- Support and Resistance Analysis: The current support level for Solana is at $61.14, which could become the primary target if further declines occur, while the resistance at $83.05 is crucial for any short-term rebound, with a breakthrough potentially leading to the monthly resistance at $99.76.
- Market Sentiment Shift: Although there are currently no clear signs of renewed buying pressure, if Solana can recover from its current lows, it may quickly move towards the liquidity areas between $88 and $90, with the market's next direction depending on the entry of new buyers.
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Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 4 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 64.921 | 70.25 | 76.341 | 81.67 | 87.761 | 93.09 | 99.181 |
| Fibonacci | 70.25 | 74.613 | 77.308 | 81.67 | 86.033 | 88.728 | 93.09 |
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