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Can the $ 150 support be the turning point for Solana?



Solana (SOL / USD) traded over 3% higher at USD 159 on Tuesday, nearly 40% lower than the highs it hit in November. Solana fell over 10% on Monday, slipping to $ 150, the last time it saw it in October before starting the rally that took it to a new all-time high.

$ 150 is a very crucial level of support for Solana and can be a make or break level. As such, this could be a great opportunity to buy Solana with its strong fundamentals. However, investors need to be careful as getting involved early could prove very risky. Is Now the Time to Buy Solana?


Here's what the charts suggest:

  • Solana is down over 40% and is now trading at a very important level of support.

  • Support at USD 150 has previously been shown to be very strong, which could point to a reversal and rally soon. 

  • Solana has very strong fundamentals, so at a certain point the price will be supported by investors based on these fundamentals.

  • The RSI is also at its support, extremely close to the oversold zone, suggesting a reversal soon as buyers could now return at any time.

  • Any long entries below the $ 150 mark should be avoided as Solana could drop to $ 125. Therefore, investors should only long entries if there is a clear reversal in evidence.

  • Solana formed a bullish hammer candle on Tuesday suggesting a reversal.

  • Investors can set the initial target at $ 190, followed by $ 220, and finally a new all-time high in the coming months.

  • A stop loss can be set at 140 USD.

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