Solana price prediction: Is $140 next as KEY SOL demand zone faces test?
Journalist
Posted:
Key Takeaways
Will Solana bulls defend the $150 psychological assist degree?
They’ve efficiently saved the bears at bay on the $150 degree over the previous week, however a worth dip to $140 is imminent.
What worth pattern would comply with this anticipated dip?
It will rely upon Bitcoin’s means to remain above $98k-$100k, however a bounce from $140 is feasible.
Solana [SOL] has suffered an almost 10% drawdown from the week’s excessive at $171.9, and was buying and selling at $155 on the time of writing.
Neither its edge within the stablecoin market nor the excessive month-to-month income Solana generated has been sufficient to begin a long-term uptrend.
Supply: SOL/USDT on TradingView
On the 1-day chart, SOL had damaged down from the symmetrical triangle sample and misplaced management of the $180 assist zone within the first week of November. Since then, the worth has made a sequence of decrease highs and decrease lows, attribute of a downtrend.
The OBV indicator additionally trended downward. This means that the decline was pushed by sustained promoting stress fairly than a short lived liquidity hunt.
The MFI agreed with the vendor dominance and remained under 50, exhibiting that the momentum was bearish, and promoting stress was prevalent.
The decrease timeframes signaled a possible dip to $140 for SOL
Supply: SOL/USDT on TradingView
On the 1-hour chart, the $145-$155 demand zone has been essential because the 4th of November. On the time of writing, the identical assist zone was being retested.
With Bitcoin [BTC] additionally hovering on the $102k mark on the time of writing, it was seemingly that this demand zone could be misplaced if the broader market skilled one other sell-off.
The technical indicators didn’t promise a bullish reversal. The OBV continued to say no, exhibiting weak shopping for stress even when the worth bounced. The MFI was under 20, indicating oversold circumstances.
The 1-month look-back interval heatmap confirmed {that a} deeper worth correction was extremely seemingly. The $144 and $140 have been key magnetic zones and comparatively near the worth.
They might seemingly drag SOL costs decrease earlier than a bounce can happen. General, the short-term Solana worth prediction is bearish.
A dip to $140 is probably going within the coming days, and with liquidity extending to $120, merchants ought to brace for continued bearish stress.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
