- SOL price resists breaking $76 resistance, trading at $74 with a 3% increase.
- Bulls have protected SOL from dropping below moving averages.
- A breach below this level could trigger stop-loss orders and push SOL towards $50.
Solana’s SOL cryptocurrency witnessed a recent resistance level at $76, causing a stir among traders and investors. Despite this challenge, bullish sentiment remains strong, with SOL currently trading at $74, reflecting a notable 3% increase from the previous day.
What’s noteworthy is the consistent effort by bulls to uphold SOL’s price above the moving average indicator, demonstrating their commitment to maintaining an upward trajectory. However, should this crucial level be breached, it could trigger a cascade of stop-loss orders from traders, potentially leading to a downturn.
The next levels to watch in such a scenario would be the support line within the ascending channel, followed by a potential drop to the psychologically significant level of $50.
To prevent a more substantial pullback, bulls need to mount a robust defense around the crypto’s MA (Moving Average) and propel SOL’s price above the resistance barrier at $80. Successfully achieving this could open the door to a potential surge, with $120 as the target.
As the crypto industry continues to evolve, Solana’s SOL stands as a resilient contender, and its future remains promising. Traders and investors eagerly await developments that could potentially push SOL to new heights.
