Bearish Solana tests $187.0 support. Meanwhile, the Stochastic Oscillator depicts 13 in the description, hinting at an oversold market. The primary trend is bearish, below the 75-period SMA.
A Dip below the immediate resistance at $187.0 can trigger the downtrend, targeting $175.0.
Solana Technical Analysis – 27-12-2024
Solana trades in a bear market lost almost %7.0 of its value since Tuesday, December 24. As of this writing, the cryptocurrency is testing the $187.0 mark as support. Meanwhile, the Stochastic oscillator depicts 13 in the description, hinting at an oversold market.
Furthermore, the Awesome Oscillator shifted below zero with red bars, signaling the bear market should prevail. Additionally, the RSI records show 44 and is declining, supporting the AO’s bearish signal.
Overall, the technical indicators suggest that while the primary trend is bearish, and SOL/USD has the potential to fall toward lower support levels.
$187 Support Crucial for SOLUSD Direction
The immediate support is at $187.0. From a technical perspective, the downtrend could extend to lower support levels if bears (sellers) push SOL/USD below this support.
If this scenario unfolds, the next bearish target could be $175.0.
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The Bullish Scenario
The immediate resistance is at $191.0. From a technical perspective, a new consolidation phase could emerge if Solana’s value exceeds $191.0. In this scenario, the cryptocurrency could rise toward $195.0, followed by this week’s high at $202.
Solana Support and Resistance Levels – 27-December-2024
Traders and investors should closely monitor the SOL/USD key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
| Solana Support and Resistance Levels – 27-December-2024 | |||
|---|---|---|---|
| Support | $187.0 | $175.0 | 162.0 |
| Resistance | $195.0 | $203.0 | $210.0 |