Overview

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At press time, the indicator’s reading is 0.02, indicating that SOL is experiencing buying pressure. If sustained, SOL’s price might reclaim $160.60 at the 0.618 Solana (SOL) drops 9% to $138.29, nearing key $130 support. A bearish crossover could push SOL below $100 if selling pressure continues. Hace 1 día After hitting the new highs above $3.5 trillion, the crypto markets seem to be consolidating for a while as Bitcoin faces some upward pressure. Therefore, a bearish weekly Will Solana hit $130 soon? As seen in the price chart below, SOL has firmly held support around the $100 area for over a week now, finding dip buyers even amid bearish

Solana (SOL) Holds Steady Above $100: Will SOL Hit $130 Soon?

Solana (SOL) is currently navigating a turbulent market, but has shown resilience by holding above the $100 mark. Investors are keenly watching to see if SOL can break through resistance and reach the $130 target. But, can Solana actually reach $130 soon? Let's delve into the analysis.

As seen in the price chart below, SOL has firmly held support around the $100 area for over a week now, finding dip buyers even amid bearish market sentiment. This suggests underlying strength and demand for Solana.

Technical Indicators Point to Potential Buying Pressure

Recent technical analysis offers a mixed outlook. While Solana (SOL) recently dropped 9% to $138.29, nearing key $130 support, there are signs of potential recovery. At press time, the indicator’s reading is 0.02, indicating that SOL is experiencing buying pressure. If sustained, SOL’s price might reclaim $160.60 at the 0.618 Fibonacci retracement level.

Bearish Scenarios: Could SOL Fall Below $100?

However, caution is warranted. A bearish crossover could push SOL below $100 if selling pressure continues. The broader crypto market's consolidation after hitting new highs above $3.5 trillion, with Bitcoin facing upward pressure, also adds uncertainty. Therefore, a bearish weekly close could negatively impact SOL's price action.

Will Solana Hit $130 Soon? Key Takeaways

  • Support at $100: SOL has consistently found support around the $100 level.
  • Buying Pressure: Recent indicators suggest buying pressure could drive SOL higher.
  • Resistance at $130: The $130 mark remains a key level to watch for a potential breakout.
  • Bearish Risks: A bearish crossover and continued selling pressure could push SOL below $100.

Ultimately, whether Solana hits $130 soon depends on a combination of factors, including sustained buying pressure, overall market sentiment, and its ability to overcome resistance levels. Stay tuned for further updates and analysis on SOL's price movements.

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