Solana (SOL) eyes for support at $170

Solana will have to jump by a huge margin to make up for where the community wants it to go. SOL is expected to have a great end to this year despite being surrounded by heavy volatility, courtesy of Bitcoin Halving, which has already presented its case with a potential correction in values. A concern remains about SOL trading at a new low or swinging between unwanted ranges in the market.

Many cases can be made, but for now, there is a halt at $140-$150, with the first resistance zone being tested at $132. Anything above $146 sends bullish signals. There is a counterargument from technical indicators that paints an otherwise positive picture. For instance, SOL was seen playing around $115. It has drawn a 26.3% Fib retracement level somewhere between $130-$140.

Exchanging hands below $160, or 100 SMA based on 4 hours, is only a bearish sign with the potential bull jump in the future. The highest and lowest swings are at $205 and $115, respectively.

The community has corrected the gains they previously booked. Those who stayed around will have a longer time to sustain their holdings. SOL bouncing back will trigger some paper profits, or it will remain paper losses for a long time. This could be credited to a downfall in BTC, which has sparked a bearish flow throughout the market. BTC currently stands at $63,9850.10, down 3.64% in the last 24 hours.

There is a retracement factor for the dominant cryptocurrency that has been credited to correction, which analysts speculated. They had simultaneously stated the possibility of reaching $100,000 by the end of this year. SOL price prediction estimates that the token can maintain a decent momentum in 2024. Technical indicators like the hourly MACD return to a bearish phase without neglecting the chances of surpassing $170.

The next zone point is $160, representing 50% Fib Retracement Level of the downward wave. The SOL/USD pair is eyeing an early rise to $155. That will practically determine the closest resistance level ideal for testing as time progresses. As for the next decline, it is hard to notify at the moment. A fall to $120 will open the doors to the undesirable zone, except a hundred dollars could still act as a short-term support level.

There are two major support levels: $146 and $132. There are three major resistance levels: $155, $160, and $170. Peaking at $170 is an ideal scenario for a surge to the $200+ area.

Ether has experienced a similar phase, except its case is likely to be driven by the absence of Ether ETF. SOL could, as expected, react to the emotions rolled out by Bitcoin following the Halving event. It has effectively slashed rewards for miners and made the token scarce, thereby making it more expensive to purchase.

Moving forward, the price movements of SOL by Solana will attract a lot of attention on the charts. Marking the maximum uptick brings it closer to the peak resistance level. That will pave the way for a $200+ exchange value.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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