- The SOL/USD is trading at 138.81 with a slightly bullish bias, scoring +4.94% as a double bottom pattern underpins the price at $131.
- The SOL price prediction remains bearish below a significant resistance level of 152.85.
- Forex trading participants may look for a sell trade below the $140 level to target $131 and $115.
The SOL/USD is trading at 138.81 with a slightly bullish bias, scoring +4.94% as a double bottom pattern underpins the price at $131. Today, the SOL/USD pair extended its early-day upward rally in the early European trading session. It gained some ground around the $143.00 level, as broad-based US dollar weakness tends to support the SOL/USD pair. The US Dollar Index (DXY), which tracks the greenback’s performance against the six majors, dropped from the initial higher levels to trade near 92.30 on the day. On Tuesday, the Solana bounces-off +4.94% as double bottom underpins at $131.
If you are wondering what to expect and where to buy SOL, let’s find out below…
VanEck to Capitalize on the Solana Summer
Besides this, the mutual fund’s management company, VanEck, has decided to capitalize on the “Solana Summer” craze by seeking to offer a Solana exchange-traded fund (ETF) in Germany. First Bitcoin, then Ethereum, and now Solana. These positive comments have an impact on Solana prices and contribute to the SOL/USD pair.
On the contrary, the latest selling bias in the crypto market has played a significant role in capping further gains for the SOL/USD coin. At this time, the SOL/USD pair is trading near $141.985. Solana rose by 0.43% in the last twenty-four hours.
Bitcoin Continues to Put Pressure on SOL/USD
On the other hand, the SOL/USD pair could get some pressure from the fresh declines in the crypto market. This was witnessed after the Bitcoin price failed to stay above the $42,000 support zone. Consequently, there was a sharp decline in BTC below the $41,000 level. Bitcoin has dropped over 10%, and it broke the $43,000 and $41,000 support levels. The bearish bias surrounding the crypto market could cap further gains for the SOl/USD pair.
On the other hand, broad-based US dollar declines also played a significant role in underpinning the SOL/USD pair. On the USD front, the broad-based US dollar dropped on the day as cautious sentiment ahead of the US Federal Reserve’s policy decision, while China Evergrande Group’s ongoing debt crisis left a bearish impact on the US currency.
Furthermore, the market’s upbeat mood played a significant role in undermining the safe-haven US dollar. Thus, the declines in the US dollar helped the SOL/USD pair to stay bid. The US Dollar Index, which measures the greenback versus a bucket of other currencies, dropped by 0.09% to 93.172. Let’s now take a look at the SOL/USD prices.
SOL Price Prediction – Technical Levels
Support Resistance
145.524 161.044
138.757 169.797
130.004 176.564
Pivot Point: 154.277
SOL Price Prediction – Solana bounces-off +4.94%
The SOL price prediction remains bearish below a major resistance level of 152.85. The closing of candles below the 152 level supports a selling bias among investors.
On the bearish side, the SOL/USD’s immediate support prevails at the 131.02 level, and a bearish breakout of the 131.02 level can extend the selling trend until the 115.34 level.
Currently, the SOL/USD is heading lower towards the next support level of 131.600. A double bottom level extends it. Further on the lower side, the next support will prevail around the $115.77 level.
On the 4-hour chart, SOL/USD is facing immediate resistance at the $151 level. A bullish breakout of $151 can extend a buying trend until the next resistance level of $177. However, the 50-day exponential moving average will likely provide significant resistance at $160 levels in the 4-hour time frame.
On the bearish side, the pair is likely to find immediate support at the $131.600 level. The leading technical indicator, Stochastic RSI, holds in an overbought zone, demonstrating the chances of a bearish correction in the SOL/USD pair. Since the Solana is closing candles below 50 EMA, we may experience a further selling trend until 131. Accordingly, forex trading participants may look for a sell trade below the $140 level to target $131 and $115. Alternatively, we can place a sell limit below $150 to target $132 levels. All the best.
Where to Buy SOL/USD?
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