Solana (SOL) fails to make a strong rebound as crypto market prices gain

Solana (SOL) fails to make a strong rebound as crypto market prices gain
фото показано с : invezz.com

2022-3-9 16:53

Solana (SOL/USD) has been mimicking the performance of the broader cryptocurrency market. Following the bearish trend that has been exhibited in the market since the beginning of the year, the token is now 65.9% below an all-time high.

At the time of writing, SOL is trading at $88.65, gaining by 5.9% during the past 24 hours. The uptrend is quite weak compared to that of the broader cryptocurrency market.

Solana’s eyes $100

If Solana can prevent further value downtrend, it needs to rise to the $102 level. However, to get to this level, it needs to break past the 50% Fibonacci retracement at $92 and then close past $100.

 If the buyers can take SOL prices to $102, the token will have surpassed the crucial resistance level and brace itself towards a strong recovery. If the prices continue with the uptrend, the token will push to $111, but this price could prevent any further advancement if any notable market support fails to kick in.

The cryptocurrency market has turned bullish since Ukraine announced that it was no longer interested in joining NATO. The bullish streak could continue due to speculations that the war between Russia and Ukraine could end. As such, SOL has a strong case to make a recovery towards $150 and above.

Solana bears are still looming

Solana could also turn bearish of the market and buyer support weaken. Over the past few weeks, the market sentiment has been confused. As one trend is yet to be established and formed. Therefore, there is a likelihood that the current uptrend could also be disrupted, and Solana will fall to previous lows.

If Solana registers a dip, it could test the lower support levels at $85. If the token registers further dip, the final support level could be tested at $80. It breaks below this support level, a fast crash in prices could occur, and the $50 area could soon be tested. This could take SOL to notable lows, but such levels could attract traders that want to buy during such a massive dip, hoping that the prices will recover.

The post Solana (SOL) fails to make a strong rebound as crypto market prices gain appeared first on Invezz.

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Источник: invezz.com

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