đš $SOL /USDT Market Alert: Consolidation or Trend Reversal Ahead? âĄ
Solana ($SOL ) is currently trading at $139.81, down 2.01%, showing signs of consolidation after bouncing off a recent low of $137.43. The market has been volatile, and $SOL is hovering around critical levels that could define the next big move. Traders are keenly watching whether this is just a pause in a broader downtrend or the beginning of a potential reversal.
đĄ Key Levels to Watch
Support: The key support level at $137.43 has held so far. If this level breaks, we may see a push towards lower support zones.
Resistance: The major resistance at $143.34 could be the next hurdle for bulls. Breaking this level could indicate bullish momentum, while failure to break might keep the consolidation phase going.
đŻ Price Targets
TP1: $141.00
TP2: $143.34
TP3: $145.74
đ Moving Averages Insight
The 7-day moving average at $139.58 and the 25-day moving average at $140.22 suggest the price is stuck in a tight range. Meanwhile, the 99-day moving average at $144.11 presents a long-term resistance level. Bulls need to push the price beyond these moving averages for any significant upward move.
Volume Insights
Volume remains elevated, with 292.45M USDT traded in the last 24 hours. This indicates ongoing interest from traders, and any spike in volume could drive the next major move.
đ What to Expect Next?
If SOL can maintain its support level and break through the resistance around $143.34, we could see a bullish continuation. However, if it fails to break out, a further retracement towards lower support levels could be on the cards.
Keep a close watchâSOL/USDT is at a critical juncture, and the next move could set the tone for the upcoming trading sessions.
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