Solana Trading Range Indicates Potential Price | Crypto News
The Solana (SOL) market has registered a close to 2% price increase in the last 24 hours, representing slight aid for buyers enduring steep losses from the last week. Between August 14 and 15, the altcoin tumbled by roughly 13%, sliding from close to $210 to around $180 as broader crypto markets reacted to US Producer Price Index (PPI) data. Despite the short-term recovery, outstanding market analyst Ali Martinez warns that Solana might stay in hazard yet, projecting the potential for additional draw back in the times forward.
Solana Rejected At $208, Key Support Levels At $180, $160 In Focus
In an X post on August 16, Martinez outlines a bearish technical outlook on the Solana market following a strong rejection at a key technical price degree. Solana surged above $200 this week, marking the first time in this price area since July 23. However, the altcoin was unable to maintain its upward trajectory, encountering resistance at the $208 price degree.
Notably, this price area kinds the higher boundary of a well-established trading price channel whose decrease boundary lies around $160. Therefore, there may be strong potential for the current retracement to persist with initial assist targets set around $180, i.e., the midline of the trading vary under examine. However, a decisive price break below this degree would pressure SOL to $160, indicating a potential 17% decline from current spot market costs.
On the other hand, if Solana bulls can maintain costs above $180, it could invalidate these bearish projections, maybe pushing the altcoin into consolidation. However, Solana must decisively declare the price resistance around the $208 area to show bullish intent, with potential upside targets set around $250.
Solana Price Outlook
At the time of writing, Solana (SOL) trades at $192, representing a web gain of 2.83% over the past week. However, the asset’s trading quantity has dropped sharply, plunging by 52.25% in the last 24 hours, signaling a important decline in latest market exercise. Despite the lowered quantity, investor sentiment around Solana stays broadly optimistic. According to data from Coincodex, the current Fear & Greed Index stands at 56 (Greed), indicating a leaning toward bullishness.
Meanwhile, the US Securities and Exchange Commission (SEC) not too long ago announced an extension of its review period for the Bitwise and 21Shares spot Ethereum ETF functions. The resolution had little influence on investor sentiment toward Solana, as such extensions are a normal process in the SEC’s handling of crypto-related filings. The commission is predicted to attain its last deadline in October.
Looking forward, Coincodex analysts keep a cautiously optimistic outlook for SOL’s price. Their forecasts project Solana at $197 over the next month, and a potential climb to $219 within three months, ought to broader market situations stay supportive.
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