Facing resistance last weekend, Sol appeared back in selling mode after witnessing a short recovery last week. The price is down 7% today as the bears slowly step back in action.
Since the start of the drops, Sol has lost more than half of its price as it continues to break down key supports every week. It appears extremely oversold in the short term, but things might get worse in the future if the asset advances bearish on a mid-term scale.
However, last week saw the asset through its lowest price level after six months of trading. Surprisingly, it bounced slightly and increased near $137 last Saturday. A rejection occurred there and the price dropped the following day, closing last weekend at a huge loss.
This led to a little drop yesterday – being the start of a new week – but it was able to close with a minor gain. It’s another Tuesday in the crypto space and most altcoins are in red due to the latest drop in BTC price.
Sol has joined the party and is now looking weak following a notable drop in the past hours. It appears set to take another downturn. A drop off the previous weekly low could send the price to a new multi-month low. And if it finds support due to its oversold condition, we may see a quick buyback.
Source: Tradingview
Now that the price is facing $120, Sol may reclaim the recent $122 low before dipping through $110 to the psychological $100 level. $90 is considered the next support in case of more dips.
Last weekend’s $136.7 rejected high is now held as resistance. If Sol increases above it, higher resistance levels for tests are $152.9 and $180.
Key Resistance Levels: $136.7, $152.9, $180
Key Support Levels: $110, $100, $90
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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