Solana (SOL) loses upside momentum
Solana (SOL token) loses upside momentum following this week’s steep rally.
SOL loses upside momentum
SOL bullish scenario:
SOL is a crypto currency which, since the end of May, has been trading within a downtrend channel.
It's swift bullish reversal off its Sunday 22 June low at $126.12 has taken it to Wednesday's $147.99 high but is losing upside momentum.
Were the SOL token to rise above $147.99, the upper downtrend channel resistance line at $152.61 may be revisited. A break and daily chart close above it may lead to a move out of the downward pointing channel to unfold with the area between the 55- and 200-day simple moving averages (SMAs) at $158.75-to-$168.78 representing possible upside targets. It is also where the 11 June high was made at $168.34.
Further up sit the May highs at $184.88-to-$187.71 which represent the next higher resistance area.
SOL bearish scenario:
Since SOL is losing upside momentum, a slip towards the $141.63-to-$140.43 support zone may ensue.
Were it to give way, the next lower $136.69-to-$136.01 support zone may be reached as well.
Further down lies Sunday's low at $126.12 which was made close to the mid-April low at $123.51.
SOL daily candlestick chart
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