Solana’s (SOL) price has traded in crimson on Tuesday after 4 days of positive factors. The worth remained strain towards the support-turned-resistance degree positioned close to the $122.0 degree.
- Solana (SOL) Worth runs out of gasoline close to $122.0.
- The costs pause after taking over a 51% upside run from January’s low.
- Sellers may push Solana down by almost 30% if resistance holds.
As of press time SOL/USD is buying and selling at $110.61, down almost 6% with a 24-hour buying and selling quantity of $2,629,824,608.
SOL worth faces draw back danger
On the every day chart, the Solana (SOL) worth has retreated from the all-time highs made on November 6 at $260.0. January has been a risky month for the cryptocurrency market, SOL examined lows of $80.79 on January 24.
Since then SOL has picked up the momentum and scored a 51% upside. Nonetheless, traders lose the power close to the $122.0 degree, which additionally coincides with 0.236% Fibonacci retracement.
The Every day Relative Power Index (RSI) has turned towards 42 from the latest highs. The latest downtick signifies the draw back strain within the pair stays intact.
The promoting strain has been intensified after SOL descend beneath the 50-DMA at $202.22. Moreover, the formation of a ‘Doji’ candlestick just under the transferring common fuels the draw back momentum.
Now, if the worth sustains beneath the session’s low then it may take a look at the low of January 31 at $89.26. Subsequent, market members would discover the lows made in August round $72.0.
On the flip aspect, a decisive shut above the 0.236$ Fibonacci retracement degree would goal the $150.0 horizontal resistance degree. It will additionally mark the breaching of the essential 50 DMA.
Subsequent, traders may problem the 0.50% Fibonacci retracement degree at $175.0. Patrons could be convened for a development reversal past the December 27 excessive of $204.82.
Disclaimer
The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
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