Solana has a bullish outlook in the near-term despite its recent rejection from $163, but a move below $140 should not be discounted too.
. A breakout past the $160 resistance could open up a path toward $180 before a reversal can ensue. However, the buying pressure began to wane in recent hours.The range formation extended from $122 to $187. Around the mid-point at $154, another range between $138 and $163 appeared to form. The past few hours of trading saw SOL approach the $163 mark and get rejected.
The MACD showed momentum was beginning to turn bullish but was not quite there yet. The CMF rose to +0.13 on the 24th of August to indicate strong capital inflows but was at +0.05 once again. This suggested a potential retracement, but it might turn out to be only a $154 support retest before a renewed push higher.AMBCrypto found that the $135 and $187 regions had a notable amount of liquidation levels but were considerably far away from current market prices. This marks them as a potential target, based on whether $162 or $145 is breached first.Whether we see a breakout past the short-term range depends on market sentiment, which at press time appeared to be changing bullishly.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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