Yesterday saw Sol through a significant drop as it plunged below a crucial trading level for the first time in six months. Having recovered briefly from the dip, it remains highly bearish on the daily chart.

Few top altcoins have entered a critical bearish zone on a monthly scale as they signaled a long-term sell. In fact, most Solana-based tokens appear extremely bearish in the mid-term as they slowly reach the bottom after months of steady decline.

Sol’s bulls are still hopeful of a major reversal as they continue to look for a key level to initiate entry. While the selling pressure seems too heavy to contain over the past two months, they have managed to defend the crucial $100 level well after slightly losing it yesterday.

As seen on the daily chart, the selling has halted, and the market is now taking a breath. This brings pricing to $111 after hours of consistent push-backs. The buying pressure looks weak, but it has managed to register substantial gain in the past few hours. More gains can be expected if the bulls sustain the pressure.

No doubt, the bears are still very much active on the short-term scale. If they mount pressure again, Sol will likely resume selling at full speed. Currently, this looks unrealistic as yesterday’s low rejection indicates an exhaustion in selling. This should bring a small recovery before resuming drops. That is slowly in play as we can see on the daily chart.

Source: Tradingview

Holding the important $100 level as temporal support, a fall below the level could roll us back to $95.26 with a probable collapse into the $90 region.

It currently appears strong daily. A further increase from should allow recovery to $122.7. Higher levels for tests are $136.7 and $147.5.

Key Resistance Levels: $122.7, $136.7, $147.5

Key Support Levels: $100, $95.26, $90

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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