Ever since its bullish resurgence between Monday and Thursday last week, SOL has fallen into a steady sideways momentum between $150 and $140 as bulls ran out of steam. This bullish fallout comes after the seventh-largest cryptocurrency hit a snag at the descending trendline at $157 from a failed breakout.
That said, the broader market entered a mild bearish tone on Monday as the total crypto market valuation is down by 1.38% at press time. A breach below the $140 support could be bad for SOL bulls as it would resume the downward cycle within my converging channel and possibly send the price to the $125 low. However, at the moment, the path of least resistance appears to be in favor of the downside, making a bearish move below $140 in the coming days possible.
Meanwhile, my resistance levels are $170, $175, and $180, and my support levels are $167, $160, and $155.
Total Market Capitalization: $2.04 trillion
Solana Market Capitalization: $44.6 billion
Solana Dominance: 2.18%
Market Rank: #7
That said, the broader market entered a mild bearish tone on Monday as the total crypto market valuation is down by 1.38% at press time. A breach below the $140 support could be bad for SOL bulls as it would resume the downward cycle within my converging channel and possibly send the price to the $125 low. However, at the moment, the path of least resistance appears to be in favor of the downside, making a bearish move below $140 in the coming days possible.
Meanwhile, my resistance levels are $170, $175, and $180, and my support levels are $167, $160, and $155.
Total Market Capitalization: $2.04 trillion
Solana Market Capitalization: $44.6 billion
Solana Dominance: 2.18%
Market Rank: #7