Solana (SOL) price action is currently facing resistance around the $205 zone, but the long-term outlook remains bullish. Despite short-term bearish momentum, key support levels and Fibonacci retracements suggest potential for future rallies. Traders should watch for potential price drops and consider long-term buying opportunities.
Solana (SOL) has encountered resistance around the $205 zone, a short-term barrier that has persisted for a week. Analysis of the daily chart reveals high volatility for SOL, which has fluctuated between $180 and $260 since November. Neither price level has been decisively overcome by market participants. Currently, a bullish order block on the daily chart at $180 remains a crucial support zone.
Although SOL experienced a price rebound from $188 a week ago, it wasn't sufficient to trigger a sustained recovery. The Chaikin Money Flow (CMF) indicator remains below -0.05, signaling substantial capital outflows from the market. The Accumulation/Distribution (A/D) indicator has also lacked a clear trend since November, mirroring the oscillatory price action.At press time, the Moving Average Convergence Divergence (MACD) is below zero, indicating dominant bearish momentum on the daily chart. This aligns with the overall market structure, which has been bearish since SOL dropped below $242 in the final week of January. However, despite the negative sentiment prevalent in the higher timeframe price chart, Solana retains a bullish long-term outlook. The $175 and $150 Fibonacci retracement levels remain intact. As long as these levels hold, another rally towards $260 and beyond could emerge.The 3-month liquidation heatmap highlights a significant concentration of liquidation levels in the $160-$165 range. This magnetic zone could attract SOL as price gravitates towards liquidity. Swing traders and investors should closely monitor for a drop below the $190 zone. A renewed wave of bearish sentiment could also set the stage for a sharp decline in SOL's price. On a positive note, a retest of the $150-$160 range would present a long-term buying opportunity for those who believe this cycle is not yet over
Solana SOL Cryptocurrency Price Analysis Technical Analysis Bullish Outlook Bearish Momentum Resistance Support Fibonacci Retracements Liquidity Trading Opportunities
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