Solana (SOL) awaits support at $170.

Solana will have to overcome enormous differences to complement the direction the community wants to take. SOL is expected to finish the year on a strong note despite being surrounded by significant volatility due to the Bitcoin halving, which has already suggested a potential correction in value. Concerns remain about SOL trading at new lows or swinging between ranges that the market does not want.

There could be many, but for now there is a break in $140-$150 and the first resistance area is tested at $132. Anything above $146 sends a bullish signal. There are counter-arguments to technical indicators that paint a positive picture. For example, SOL has been seen trading around $115. It hit the 26.3% Fib retracement level between $130 and $140.

Changing hands below $160, i.e. below the 100 SMA on a 4-hour basis, is only a bearish signal with a possible upside ahead. The highest and lowest swings are $205 and $115 respectively.

The community has modified previously reserved revenue. Those who stick around will have a longer time to keep their possessions. If SOL rebounds, some paper profits will occur or paper losses will remain for a long time. This can be seen as a bearish trend across the market due to the fall of BTC. BTC is currently at $63,9850.10, down 3.64% in the last 24 hours.

There is a retracement factor for the dominant cryptocurrency. correction, is what analysts speculated. They also mentioned the possibility of reaching $100,000 by the end of this year. SOL price prediction It is estimated that the token can maintain significant momentum in 2024. Technical indicators such as the hourly MACD do not discount the possibility of a break above $170 and a return to the bearish phase.

The next zone point is $160, which represents the 50% Fib retracement level of the downward wave. The SOL/USD pair is expected to see an early rise to $155. Over time, the resistance level closest to the test will actually be determined. It is difficult to tell at this time what the next decline will be. A drop to $120 would open the door to undesirable territory. However, $100 may still act as a short-term support level.

There are two major support levels: $146 and $132. There are three major resistance levels: $155, $160, and $170. A peak at $170 would be the ideal scenario for a surge above $200.

Ether has experienced a similar phase, except this is likely due to the absence of an Ether ETF. SOL may react to the sentiment put forth by Bitcoin following the halving event, as expected. This effectively cut rewards to miners and made tokens scarce and more expensive to purchase.

Going forward, the price action of SOL by Solana will attract a lot of attention on the charts. When we see the maximum upside, we are getting closer to the maximum resistance level. This will pave the way for an exchange value of over $200.