key takeaways:
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SOL’s 5% ETF-powered rally was completely reversed by $ 160 within 24 hours, which highlights frequent technical weakness on the lower and high time frames.
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SOL trades a major $ 144.5- $ 147.7 near the supply cluster. A breakdown below $ 144 can trigger a drop up to $ 124 or even $ 95-$ 100, where supports support.
Sol (Soul) ralled 5% to hit $ 160 on Monday after the news of its first exchange-traded fund (ETF), which was going live for trade on Wednesday. However, the speed was short -lived as AltCoin had erased all the benefits within 24 hours, and the weakness of the price can be seen on the frame several times.
In a short deadline, Soul has failed to maintain a 50-day and 200-day exponential moving average for more than a month. Despite many rapid break-off-structure formation including previous week’s pop, above $ 148, Altcoin has not converted them into permanent uptrend.
The level of $ 148 is currently under pressure, and a drop below $ 137 will confirm less, deny the possibility of rapid continuity of near-period. To achieve the opposite speed of Sol, a successful recover of the demand area of $ 145-$ 137, after recovery of above $ 160, remains decisive.
On the high-time frame (HTF), the widespread trend remains recession. In May, Soul failed to break the major resistance at $ 180 and has been trending downwards within a descending channel since then.
While such patterns can lead to bullish brakeouts, Sol remains highly sensitive to bitcoin weakness in the last month. While Bitcoin (BTC) hovers near the high level of all time, Crypto Asset has fallen by about 50% since January 19, reflecting relative underperformance.
If the recession of the recession persists, a reetest of the daily order blocks between $ 120 and $ 95 remains realistic, offering a more attractive long -term entry point. However, a strong daily over $ 160 in the coming weeks can flip the spirit and accelerate a rapid upside, which leads to high time speed of time.
Related: Analysts gave the opportunity to approval SOL, XRP and LTC ETF for 95%
SOL UTXO has realized price signals
Sol trades around $ 148 on Tuesday, its UTXO, a real price distribution (URPD), a metric -tracking price level at which tokens were acquired, provides significant insight into the support and resistance areas. The current value sits from $ 144.5 to $ 147.7 within the supply cluster of 14.3%, which suggests strong holder concentration. This level is decisive, as a limit that can maintain the current price if the pressure purchases.
Data from Glasanode indicates that it is important to maintain above $ 144. A violation below this threshold indicates potential weakness, increasing the chances of a retract of the lower support areas.
The $ 100-$ 97 has 3% of the supply in the range, while $ 124 supports 1.58%, offering limited buffers. If the price fails to keep above $ 144, the market risks a deep decline towards these levels, where thin supply can increase volatility.
The resistance emerges at $ 157, where 5.55% supply is concentrated, a challenge for the top speed. For now, the dense $ 144.5- $ 147.7 cluster outlines a solid base, where investors should defend the sole price.
Related: Soul price rallies after ETF news rallies up to $ 161, but is the rally sustainable?
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
