Continuing the bearish momentum, Sol’s price dipped near a key support level this week but quickly recovered. It is currently in the middle of consolidation, gathering momentum for the next major move.
Sol closed last month’s trading very weak after failing to push above the $164 level. This led to a significant breakdown of a minor $136 support level and the price dropped to a low of $122.6 (on Binance) yesterday.
However, it has seen a slight recovery today and now trades well above $130 at the time of writing. Selling pressure has slowed down since the start of this month as it enters a consolidation phase on the daily graph.
This consolidation phase appears more like a liquidity period to refuel for the next move. And from a technical standpoint, the bears are still in control. Meanwhile, Sol is currently respecting the critical $120 support level. We can expect more crackdowns when the bears mount pressure.
For the bulls, they appear stuck today due to low commitment. If they push back above the mentioned minor support, we may see an increase towards the $150 level.
But considering Sol’s recent bearish pattern – a lower low and lower high movement – the bears are much more likely to have an upper hand.
SOL’s Key Level To Watch
Amid consolidation, the support to watch for a crackdown lies at the critical $120 level, followed by $110. Support below this level is $100
The recently broken $136.1 support-turned-resistance currently serves as a barrier for the bulls in their last 24 hours attempt. If they push through it, the $149 and $163.5 levels would be the next resistance to watch.
Key Resistance Levels: $136.1, $149, $163.5
Key Support Levels: $120, $110, $100
- Spot Price: $133
- Trend: Bearish
- Volatility: High
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-september-6-sol-consolidates-above-a-critical-support-after-a-week-drop-where-next/