Following past weeks of increase, Sol broke out of critical resistance to a new high in two months. Losing buzz this week, it appeared to have reached an exhaustion point. A potential drop lurks around the corner.
So far, this month has been bullish for Sol after initiating a buy from the $133 level. This led to a slight break out of the critical $163 resistance level that suppressed bullish actions since the price recovered in August.
The breakout, which came last weekend, triggered more buys to $171 on Monday before losing steam. It attempted to push higher yesterday but failed due to a rejection. The price is briefly down today as it trades flat.
Sol’s latest rejection suggests an exhaustion in buying and from the look of things, it may initiate a pullback soon. The $160 level is the closest support to watch for a drop. From there, we may see a quick rebound.
Losing that support may trigger more drops until it finds a solid ground. On a monthly scale, the bulls are still in control. If they manage to push above Monday’s high, we can anticipate bigger gains towards $190.
Looking at the current setup, Sol is attempting to close this week on a bearish note. That could bring a little setback for the fifth largest crypto before resuming bullish.
SOL’s Key Level To Watch
A pullback under $160 could plunge the price back to last week’s $147.7 support. The monthly $135.5 support is the next to watch in case of dips.
Breaking higher, the $181.6 and $194 resistance would be the next buying levels to keep in mind. The higher resistance for breakup stands at $210.
Key Resistance Levels: $181.6, $194, $210
Key Support Levels: $160, $147.7, $135.5
- Spot Price: $165.3
- Trend: Bullish
- Volatility: Moderate
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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Source: https://nulltx.com/solana-price-analysis-prediction-october-24-sol-trades-flat-after-rejection-possible-sell-could-be-in-play/