Unstable range after recovery from flash crash
SOL / USD has seen a whirlwind of rapid trading recently, including a rapid drop in value when the large-scale flash crash hit cryptocurrencies last weekend.
Having recouped some of its lost value as a result of the flash crash SOL / USD suffered last weekend when the digital asset momentarily fell to nearly 171,000, Solana at the time of writing lies around the 190,200 level. Speculators within SOL / USD should anticipate rapid trading conditions as the vast cryptocurrency market continues to show signs of nervousness in trading. A near-term high of nearly 204,000 was reached in yesterday’s trading.
However, after hitting Tuesday’s high, which essentially matched Sunday’s high after Saturday’s flash crash, SOL / USD faced headwinds again. Solana correlated with the vast cryptocurrency market last month and, after hitting a record price of nearly 260,000 on the 6e from November, SOL / USD gradually lost value while experiencing a rather volatile price domain. However, the technical trend has certainly turned bearish.
The rather volatile price range is now near enough significant support and resistance which could prove to be significant when it comes to behavioral sentiment. SOL / USD may need to reverse the 200,000 resistance level and hold trading at this point for a solid amount of time – at least a few days – to warm the hearts of bullish traders who are cautious and wish to pursue based trading positions. on the momentum.
It is also important to note that the current technical support level of 186,000, which is clearly in view of the current SOL / USD price. If this support area turns out to be vulnerable, it could trigger a wave of nervous selling among some Solana speculators who might believe that the values seen in last weekend’s lightning crash were potentially a worrying sign of developments to come.
As the vast cryptocurrency market recovered from spikes caused by the widespread selling on Friday night and through Saturday, the values of crypto-currencies remain well below their values traded on the 4e of December, and that includes SOL / USD.
Speculators should be cautious in the short term SOL / USD; if a trader wants to aim for potentially fast trades using the nearby support and resistance levels, this may turn out to be the right bet. Traders should use strict entry orders to protect their prices in the current market. Bearish speculators who believe the current support level below may be a legitimate short-term target could make an interesting bet on SOL / USD.
Short-term outlook for Solana
Current Resistance: 197,300
Current assistance: 185,800
High Target: 219,900
Low target: 169,400