Recent price changes
Things started to look good for Solana, as it made a slight move above the $130 resistance zone last week. However, this upward momentum was short-lived. The price was rejected near $140 and began to decline, similar to Bitcoin. Ethereum.
The price failed to reach the 50% Fibonacci correction level from the $162 swing high to the $120 low. It is currently trading below $140 and the 50-day simple moving average.
Key Support and Resistance Levels
- Immediate Support: $130
- Immediate resistance: $135
- First major resistance: $140
- Key resistance trend lines: $142
- Potential top goals: $162, $170, $180
Price Outlook
Right now, Solana It is moving below the $135 level and is approaching the $130 support zone. If the price breaks below this zone, more selling pressure may occur. This could push the price down further to the $125 level. If it breaks below that, Solana could see a big loss and will probably head towards the $100 mark.
Any chance of recovery?
On the other hand, if Solana bounces from the $130 level, there is a possibility of an upside move. The immediate resistance is near $135, and the major resistance trend line on the daily chart is $142. If the price successfully closes above $142 and then breaks $146, the rally can continue. The next major target would be $162, and if the momentum continues, the price could reach $170 or $180.
Upcoming Event: Breakpoint 2024
Solana’s community is preparing for: Breakpoint 2024. This event brings together projects, teams, and individuals from around the world. Ticket sales for this event close early on Tuesday, September 17th at 12:00 AM UTC. This event may generate interest in Solana and affect its price movement.
Currently Solana is struggling to stay above $135 and $140. A drop below the $130 support level could lead to a test of $120 or $100 in the short term. However, bull A successful push above $142 and $146 could start a new uptrend. The market is at a critical juncture, and the next few days will be crucial in determining the direction of Solana’s price.
Summary of key levels
|
Price level |
importance |
|
$130 |
Immediate support |
|
$125 |
Next support |
|
120 dollars |
Main Support |
|
$135 |
immediate resistance |
|
$140 |
First major resistance |
|
$142 |
Major trend lines |
|
$146 |
Main resistance |
|
$162 |
Potentially higher goals |
|
$170, $180 |
Long term goals |
Solana’s price action is currently in a delicate balance. Failure to stay above key support levels could lead to significant declines. Conversely, a break above resistance levels could lead to significant recoveries.