{"id":646078,"date":"2024-10-03T17:00:03","date_gmt":"2024-10-03T17:00:03","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=646078"},"modified":"2024-10-03T09:55:56","modified_gmt":"2024-10-03T09:55:56","slug":"solana-hits-critical-137-support-can-bulls-prevent-a-breakdown","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/solana\/solana-hits-critical-137-support-can-bulls-prevent-a-breakdown\/","title":{"rendered":"Solana Hits Critical $137 Support: Can Bulls Prevent A Breakdown?"},"content":{"rendered":"

Solana<\/span> has hit the key $137 support level, and the bulls are now facing intense pressure to prevent a downward breakout. With the <\/span>market<\/span> momentum hanging in the balance, all eyes are on whether the <\/span>bulls<\/span><\/a> can defend this critical zone and spark a potential rebound. A strong defense at this level could signal renewed bullish strength, while a breakdown could pave the way for further declines.\u00a0<\/span><\/p>\n

As traders anticipate Solana’s next move, this article aims to explore its crucial test at the $137 support level, focusing on whether the bulls can withstand increasing pressure. It will evaluate the potential for either a breakout or a rebound, offering <\/span>insights<\/span> into SOL\u2019s short-term price direction by delving into key technical indicators and market<\/a> sentiment.<\/span><\/p>\n

Analyzing the RSI And Moving Averages: Bullish Or Bearish Outlook?<\/h2>\n

Recently, after struggling to break above the $164 resistance level, Solana has adopted a negative trajectory on the 4-hour chart. The price is currently trading below the 100-day Simple Moving Average (SMA), suggesting a shift in market <\/span>sentiment<\/span><\/a>, as SOL now targets a potential bearish <\/span>breakout<\/span><\/a> at the $137 level. If the price continues to decline and breaches this support, it could trigger extended selling pressure and open the door to additional losses.<\/span><\/p>\n

\"Solana\"
SOL depicts bearish movement after failure to break $164 resistance | Source: SOLUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n

Also, an analysis of the 4-hour Relative Strength Index (RSI) reveals that the RSI has fallen to around 33%, indicating that the buying pressure is diminishing, reflecting a shift in market dynamics. An RSI below 40% often signifies that an asset may be entering oversold territory, which can lead to potential further declines.<\/span><\/p>\n

Related Reading: Solana (SOL) Failure To Break $154 Could Lead To $85 Correction \u2013 Analyst<\/a><\/div>\n

On the daily chart, SOL is displaying notable negative movement, evident from a series of bearish candlesticks. This persistent downward trend underscores the prevailing selling pressure in the market, indicating that bears are firmly in control. Additionally, Solana is trading below the 100-day SMA, suggesting a lack of <\/span>bullish momentum<\/span><\/a> and reinforcing the likelihood of continued declines.<\/span><\/p>\n

\"Solana\"
Selling pressure pushes Solana below the 100-day SMA | Source: SOLUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n

Finally, on the 1-day chart, a closer look at the RSI formation shows that the RSI signal line has fallen to 43%, having recently breached the crucial 50% threshold. An RSI reading below 50 typically reflects a <\/span>bearish<\/span><\/a> sentiment, signaling that the asset is losing strength. Such a drop could imply further downside potential for SOL unless a reversal occurs.<\/span><\/p>\n

Key Support Level At $137: Can Solana Bulls Hold The Line?<\/h2>\n

The $137 support level is crucial for Solana, representing a significant battleground between bulls and bears. If bulls succeed in defending this support, it could instill confidence in the market and pave the way for a potential recovery toward the $164<\/span> resistance<\/span><\/a> level.<\/span><\/p>\n

Related Reading: Solana (SOL) Could Crash 40% If It Stays Below $140 \u2013 Top Analyst Shares Insights<\/a><\/div>\n

Nonetheless, a breach below the $137 <\/span>support level<\/span><\/a> could trigger significant selling pressure, resulting in additional declines toward the $118 support level. When this level is breached, it may lead to more losses, with potential targets including lower support areas around the $99 mark. Such a scenario would intensify bearish sentiment and could lead to a more pronounced downtrend in Solana’s price.<\/span><\/p>\n

\"Solana\"
SOL trading at $137 on the 1D chart | Source: SOLUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from Unsplash, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Solana has hit the key $137 support level, and the bulls are now facing intense pressure to prevent a downward breakout. With the market momentum hanging in the balance, all eyes are on whether the bulls can defend this critical zone and spark a potential rebound. A strong defense at this level could signal renewed bullish strength, while a breakdown could pave the way for further declines.\u00a0 As traders anticipate Solana’s next move, this article aims to explore its crucial test at the $137 support level, focusing on whether the bulls can withstand increasing pressure. It will evaluate the potential for either a breakout or a rebound, offering insights into SOL\u2019s short-term price direction by delving into key technical indicators and market sentiment. Analyzing the RSI And Moving Averages: Bullish Or Bearish Outlook? Recently, after struggling to break above the $164 resistance level, Solana has adopted a negative trajectory on the 4-hour chart. The price is currently trading below the 100-day Simple Moving Average (SMA), suggesting a shift in market sentiment, as SOL now targets a potential bearish breakout at the $137 level. If the price continues to decline and breaches this support, it could trigger extended selling pressure and open the door to additional losses. Also, an analysis of the 4-hour Relative Strength Index (RSI) reveals that the RSI has fallen to around 33%, indicating that the buying pressure is diminishing, reflecting a shift in market dynamics. An RSI below 40% often signifies that an asset may be entering oversold territory, which can lead to potential further declines. Related Reading: Solana (SOL) Failure To Break $154 Could Lead To $85 Correction \u2013 Analyst On the daily chart, SOL is displaying notable negative movement, evident from a series of bearish candlesticks. This persistent downward trend underscores the prevailing selling pressure in the market, indicating that bears are firmly in control. Additionally, Solana is trading below the 100-day SMA, suggesting a lack of bullish momentum and reinforcing the likelihood of continued declines. Finally, on the 1-day chart, a closer look at the RSI formation shows that the RSI signal line has fallen to 43%, having recently breached the crucial 50% threshold. An RSI reading below 50 typically reflects a bearish sentiment, signaling that the asset is losing strength. Such a drop could imply further downside potential for SOL unless a reversal occurs. Key Support Level At $137: Can Solana Bulls Hold The Line? The $137 support level is crucial for Solana, representing a significant battleground between bulls and bears. If bulls succeed in defending this support, it could instill confidence in the market and pave the way for a potential recovery toward the $164 resistance level. Related Reading: Solana (SOL) Could Crash 40% If It Stays Below $140 \u2013 Top Analyst Shares Insights Nonetheless, a breach below the $137 support level could trigger significant selling pressure, resulting in additional declines toward the $118 support level. When this level is breached, it may lead to more losses, with potential targets including lower support areas around the $99 mark. Such a scenario would intensify bearish sentiment and could lead to a more pronounced downtrend in Solana’s price. Featured image from Unsplash, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":646080,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[16393,14763,91599,85676,12837,83626,86410,83627],"class_list":["post-646078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-relative-strength-index","tag-rsi","tag-simple-moving-average","tag-sma","tag-sol","tag-solana","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\nSolana Hits Critical $137 Support: Can Bulls Prevent A Breakdown?<\/title>\n<meta name=\"description\" content=\"Solana has hit the key $137 support level, and the bulls are now facing intense pressure to prevent a downward breakout.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They\u2019ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won\u2019t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. 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