Solana (SOL) is in a rather unfavourable position after falling below the $150 mark. At the $160 level, the asset has been unable to hold onto these gains during periods of market weakness. By June 14, 2024, Solana’s price movement is relatively flat, with the token priced at $148. 17 after a 1. 97% drop in the last 24 hours.
In the past week, the price has dropped by about 13 percent. 5% while the remaining 2% is still considered slightly above zero. It has been reported that there has been an 18% rise in the number of cases recorded in the past one month. This mixed sentiment is evident in the daily trading pattern where the price action shows a fight to go past the recent resistance levels, which indicates that traders are being very careful.
SOL Consolidates Near the Support of $142. 0
When looking at the 4-hour chart, Solana shows a consolidation pattern, with the current trading range being between the support and resistance levels. The immediate support is located at $143, which has been a launching pad during the uptrend in the past. On the positive side, the resistance level is well defined at $178. This level has limited the upward movements in the past and is the key level for any major bullish breakout.
In the context of technical indicators, the Exponential Moving Averages (EMA) for 20, 50, 100, and 200 days give a wider perspective of the underlying trends. At the moment, Solana is trading above the 200-day EMA but below the 50-day and 100-day EMAs, which suggests short-term bearish pressure. This alignment indicates that although the long-term outlook may still be bullish, the short-term pressures are bearish.
The Aroon indicator, which calculates the time between the highest high and the lowest low over a specific period, reveals an uptrend momentum (Aroon Up) of 78. 57% and a downtrend momentum (Aroon Down) of 35. 71%. This means that although there is an opportunity for the market to move up, it is still conservative, which is supported by the trading volume and investor sentiment.
However, there are still some optimistic voices regarding Solana’s future among the analysts, even given the current bearish trend.Meanwhile, if Solana price manages to close above the $178 resistance level as pointed out by crypto analyst Ali Martinez, then a bullish outlook could be expected.
