Key takeaways
- SOL is down 1% within the final 24 hours and is now buying and selling under $220.
- The coin may reclaim the $250 psychological degree quickly if market restoration continues.
SOL dips under $220
As seen in latest weeks, the cryptocurrency market started the brand new week in a bearish mode. Bitcoin dropped under the $112k mark whereas Ether quickly examined the $4k assist degree.
SOL, the native coin of the Solana blockchain, additionally misplaced roughly 5% of its worth on Monday, dropping to the $212 assist degree. Nonetheless, it has barely bounced again and is now buying and selling at $219 per coin.
The optimistic efficiency comes because the broader cryptocurrency market embarks on a restoration. Bitcoin reclaimed the $113k mark earlier right this moment, whereas Ether is now eyeing the $4,300 area.
SOL can be recovering excellently and will reclaim the $250 psychological degree within the close to time period.
SOL may surge to $250
The SOL/USD 4-hour chart is bearish and environment friendly, as Solana has misplaced 7% of its worth during the last seven days. The technical indicators are additionally detrimental, suggesting that sellers stay in management.
Nonetheless, the bears are shedding steam as SOL has discovered assist across the $212 area. The RSI of 34 is under the impartial 50, indicating a bearish development. The MACD traces additionally dropped under the impartial zone over the weekend.
If the selloff continues, SOL may retest Monday’s low of $212 over the subsequent few hours. An prolonged bearish run may see the cryptocurrency drop under $200 for the primary time since September 1st.
Nonetheless, the broader crypto market is present process a correction. If the correction persists, SOL may reclaim the closest resistance and TLQ degree at $250 over the subsequent few hours. It could want the assist of the broader cryptocurrency market if it intends to hit $260 for the primary time since January.