After increasing to a three-month high, Sol saw a rejection and initiated drops. It lost grip above a key level and turned weak on the daily scale following a 3% loss in the past 24 hours.
The last two months have been a remarkable moment for Sol as the price recovered back near June’s highs after three months of trading.
Looking at the daily price chart, the recovery started after completing an inverse head and shoulder pattern with a break through its neckline to reach a new milestone this week. Unfortunately, the bulls got exhausted and the buying halted
Following several price fluctuations since then, Sol is currently down due to the latest decrease in the entire crypto space. Though that drop was triggered by a rejection from the $183.3 level on Tuesday.
Losing the key $180 level to a daily low of $169, the price recovered and traded at $170 at the time of writing. SOL currently looks weak as it slowly initiates a pullback on the daily chart. A drop below the daily low could bring more pullback in the market before picking up again.
Currently, the bulls are taking a break. If they step back in action, we can expect a strong bounce back to the current weekly high before breaking higher. Once that comes into play, the $200 level would be bulls’ next key target to watch.
SOL’s Key Level To Watch
For now, the $181.6 level is the immediate resistance to watch in the next leg up. Breaking it could send the price to $194. A push from there should send the price to $210 before breaking higher.
In the meantime, the $169 level may continue to suppress selling. A daily close below it today, Sol may slip to the $160 level. $147.7 and $135.5 are broader pullback levels to keep in mind.
Key Resistance Levels: $181.6, $194, $210
Key Support Levels: $160, $147.7, $135.5
- Spot Price: $169.9
- Trend: Bullish
- Volatility: Low
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-31-sol-turns-weak-amid-latest-drops-looking-for-a-solid-ground/