Major note
- According to Crypto Market Analyst Ali Martinez, the $ 125 level is a significant support for the sool token.
- By losing $ 125, the sool tokens are put on the path of a recession on the level of $ 105 and sub-$ 100.
- If the SOL reaches the 20-day EMA and pushes above $ 160, Altcoin can again hit $ 200.
Like its colleague XRP, Solana (Sol), the sixth largest digital property, facing a moment of “making or breaking it” because the technical indicators suggest a possible price of 16%, even a possible value accident, even the social media optimism around the property reaches the historic higher.
Analyzer Ali Martinez has identified $ 125 as the most important support level for SOL, with a potential breakdown open the door for further decline and a retract of $ 105 support in the near future.
$ 125 support level
The chart shared by Ali Martinez underlined an ascending veg pattern, resulting in a result of a recession breakdown, indicating the implications of the recession.
Sol recently violated the lower trendline of this formation and is now rebuilding the breakdown level. If Soul fails to assure the $ 145 area, it can confirm the recession landscape and trigger a deep sales.
Another major resistance is a 20-day exponential moving average (EMA) at $ 136. Altcoin needs to be confirmed as the first support from the next leg.
Immediate support is $ 125, which is an important level to protect the bulls. However, the failure to keep above this level can look at the Sol Plmet to $ 105 and even in the worst position $ 58, as suggested by the extended negative target of martinez.
Conversely, if Soul manages to recover $ 145 and push above $ 160, it can invaluate the breakdown of the recession and paves the way for $ 200 and beyond recovery.
According to coinmarketcap dataSol is 5.47% below in the last 24 hours, trading at $ 130.75 at the press time, lower with $ 130.46 daily.
The relative power index (RSI) is hovering around 44.60, indicating that the SOL is still in the neutral region, but is bending towards the speed of recession.
In addition, Bollinger Band (BB) suggests that the price is testing the middle band ($ 130), which means that there may be even more negative pressure for the lower band ($ 118) unless there is a reversal.
Social spirit versus market reality
Despite the negative technical signs, the social spirit of Solan is at an all -time high.
SatisfactoryInstitutional interests, impressive engagement, and technological progress have promoted a wave of optimism in social media platforms.
Like with major institutions Integration of gamestop bitcoin And Blackrock launched the token Treasury Fund on Solana, Soul has obtained the ratio of a heavy 18: 1 positive vs. negative comments.
Historically, extreme social optimism often occurs before market reforms, as extremely rapidly leading to overlapping positions and benefits by early investors.
A month ago, Solana’s spirit was at its lowest point in a year, after the fall of meme coin mania.
Disclaimer: CoinSpeaker is committed to providing fair and transparent reporting. The purpose of this article is to provide accurate and timely information, but it should not be taken as financial or investment advice. Since the market situation can change rapidly, we encourage you to verify the information on your own before taking any decision on this material and consult a professional.
A Crypto journalist, Parth, has worked with Crypto and major media outlets in the finance world with more than 5 years of experience in the industry, collecting experiences and expertise in space after being survived by bears and bull markets over the years. Partha is also the author of 4 self-published books.
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