Will Solana Surge Back Above $200 Soon? Three Things to Watch This Week (SOL Price Analysis)


After an impressive rally that broke above $200, bears returned.

Key Support levels: $164, $120

Key Resistance levels: $206, $260

1. Bears Return

With Bitcoin and Ethereum falling lower, Solana could not hold on its own and sellers pushed it into a deeper pullback that reached the support at $164. As long as this key level holds, Solana’s uptrend remains intact.

SOLUSDT_2024-03-20_20-41-16
Chart by Tradingview

2. Will the Key Support Hold?

The support at $164 has a good chance to bring buyers back and put an end to this correction. If bulls fail to hold at that level, then look at $120 as the next line of defense.

SOLUSDT_2024-03-20_20-41-59
Chart by Tradingview

3. Daily RSI Shows Weakness

This correction has pushed the daily MACD histogram into lower highs. This is the first sign of weakness for Solana. This is not concerning right now, but if the moving averages make a bearish cross, then SOL’s price will likely not make new highs in the near term.

SOLUSDT_2024-03-20_20-40-08
Chart by Tradingview

Bias

The bias for SOL is bearish.

Short-Term Prediction for SOL Price

Watch closely the key support at $164, as that will determine where Solana will go next in the coming days.

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Cryptocurrency charts by TradingView.



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