SOL After this week's rebound, it encountered resistance around $110, and the short-term trend began to weaken. Foreign media reports suggest that this decline is more like an internal adjustment during the upward movement, rather than a reversal of trend, provided that several key support levels are not breached.
As of press time, SOL is trading at $105.23, up 12.3% from the previous week. The report mentions that analysts had previously identified $110 as the first significant resistance level, and after reaching this price, the price fell back, with the pullback occurring slightly later than similar movements on Bitcoin's recent chart.
The range from $102 to $95 is a short-term observation zone.
The article mentions that the current market is mainly focusing on two support zones. One is between $102.57 and $106.76; this area is more for intraday reference, and the support level is relatively weak.
The more noteworthy support level is between $90.46 and $94.83. This range is calculated based on the Fibonacci retracement from the low point on August 16th to this week's high, and it is considered a more important position to determine whether this upward trend can be sustained.
- Weak support range: $102.57 to $106.76
- Key support range: $90.46 to $94.83
- Current price: $105.23
Break below the upper support level or increase the pressure of a pullback
Analysts believe that if the weaker support level above is broken first, the pressure for prices to fall below the key support area below will increase. At that time, SOL will need to stabilize again near the low point of the range formed on August 26th in order to maintain the current relatively strong structure.
If the price further falls below $90.46, the aforementioned bullish outlook will be undermined, and the potential for short-term downward movement may also increase accordingly. The report also notes that price fluctuations below $110 have become more volatile, with upward momentum slowing down compared to before, increasing the likelihood of a deeper pullback before the weekend.
If it can hold its ground, there is still a possibility of reaching $133.
In the upward direction, reports citing analysts' Fibonacci resistance calculations suggest that as long as the support structure is not compromised during the current pullback, the next target for SOL can still be around $133.
Judging from the analysis in the article, the future direction of SOL mainly depends on whether the narrow range between $102 and $95 can be maintained. If the price remains above this area, the market will still expect it to continue to rise; if it falls below this range, the focus will shift to the support level around $90.
