Solana (SOL) Price Probes Multi-Week Lows Near $136.00

Solana’s (SOL) price has been falling continuously since November 7. Now, the price is struggling below the 200-EMA (Exponential Moving Average) at $140.09. But in today’s session, SOL rose almost 2% with a more than 50% dip in volumes at $7, 44,327,013 in the past 24-hour day.

Solana’s (SOL) price is revising the $136.00 demand zone, looking for an uptrend.
A bullish upside from this congestion will result in more than 20% ascent to the weekly resistance barrier at $181.0.
Price moves in a downward channel since ATH made in November near $259.

SOL seeks 16% correction on the break of weekly lows

Speaking technically, the week started on a lower note and continued to perform negatively. It would be interesting to watch if the price closes below the psychological level of $137.50. The first downside target could be found at the weekly September 20 lows at $115.88.

Moving onto the daily chart frame, the bulls once again lose control near the recent highs of $157.87 made on January 13. After that the price breaks below the 200-EMA, further building up the pressure on the bulls. SOL bears’ could test the next confluence zone near the horizontal support of $120.0.

An oversold daily Relative Strength Index (RSI) shouts a technical bounce back is pending after the continuous downtrend in the price. But, the MACD (Moving Average Convergence Divergence) in the negative zone is throwing a challenge for the bulls.

Alternatively, a decisive break above the January 13 of 157.56 could see the upside towards the psychological level of $181.25 in the short term.

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Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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