Speculators who are keeping their eye on SOL/USD, as of this morning will notice the cryptocurrency is hovering near important support levels, which if broken could develop into faster selling.
SOL/USD is trading at nearly 32.5000 as of this writing. SOL/USD started yesterday’s trading around the price of 36.0000; on the 28th of June Solana saw price action slightly below 40.0000. Like the broad cryptocurrency market SOL/USD has incrementally moved lower the past few days of trading, and like its major counterparts Solana is hovering near crucial support.
If current support levels prove vulnerable for SOL/USD this could ignite more speculative selling. SOL/USD is at a five day low and is trading near values last seen on the 20th of June. If the 32.0000 barrier is penetrated lower, the 31.6500 vicinity could become vital. SOL/USD moves with a rapid pace and under present market conditions, traders are strongly advised to use entry price orders to participate.
Certainly reversals could be sparked higher; the problem for optimistic buyers is that upside price action has proven to be limited. Yes, from the 18th of June until the 25th there was a rather nice flurry of buying which did break through resistance levels consistently, but this one week of movement occurred within the midst of a still ongoing long term bearish trend. It may not be time to declare bearish momentum dead.
If a trader wants to buy SOL/USD they should look for quick hitting trades that take advantage of what may be only temporary rises in the near term. Perhaps broad market sentiment will suddenly turn positive, but there are few signs that are pointing to a crowd of enthusiastic speculators who want to bet on the emergence of a bullish run.
Until broad market conditions improve from the behavioral sentiment perspective it may prove wise to remain a skeptic and thus a seller of SOL/USD. Conservative traders may want to wait for some slight price action which takes the market higher towards perceived resistance. The levels of 33.0000 to 34.0000 could prove to be difficult for SOL/USD to climb much higher. Traders should use cautious amounts of leverage while betting on Solana near term.
Support near the 32.2500 to 32.0000 should be monitored. If these prices are suddenly getting tested and the broad market remains nervous among digital assets, SOL/USD could see velocity increase and selling quicken. A move to the 31.7500 to 31.2500 could prove to be worthwhile targets for speculative sellers.
Current Resistance: 33.5100
Current Support: 31.6300
High Target: 36.0900
Low Target: 29.1500