Gate News, on Monday (June 23) during the Asian morning session, the price of Solana (SOL) followed the recovery of the crypto assets market, having fallen to a two-month low of 126 USD the day before. This price pullback was triggered by panic sentiment caused by the U.S. attack on Iran over the weekend, which led to risk-averse sentiment in the crypto assets market. From a technical perspective, the SOL price looks bearish; if the daily closing price falls below 130 USD, it will confirm a pullback to the 118 USD level.
The price of SOL fell nearly 14% last week, reaching the highest level since mid-April. The escalation of tensions in the Middle East is the main reason for this pullback. The war between Iran and Israel has been ongoing for more than a week, and on Saturday evening, news of the U.S. attacking three Iranian nuclear facilities marked a turning point in the conflict.
The U.S. strikes against Iran have led to a continued fragile global risk sentiment, with Bitcoin (BTC) falling to a low of $98,200 on Sunday, followed by SOL dropping to a low of $126.
Iran's response to the U.S. attack could be another worrying event this week, increasing the risk of a wider conflict in the Middle East and potentially leading to greater losses for risk assets such as Solana.
SOL Price Prediction: Reaching the Highest Level Since Mid-April
FXStreet analyst Manish Chhetri stated that the SOL price encountered resistance near the 200-day Exponential Moving Average (EMA) and closed below the daily support level of 160 USD on June 12, subsequently falling 5.20% over the next two days.
He pointed out that if SOL falls and closes below the 61.80% Fibonacci pullback level (from the low of $95.26 on April 7 to the high of $187.73 on May 23), which is $130.58, it may continue to decline and retest the next daily support level of $118.10.
On the daily chart, the Relative Strength Index (RSI) reading is 35, nearing oversold territory, indicating strong bearish momentum.
In addition, the Moving Average Convergence Divergence (MACD) indicator showed a bearish crossover last week. The indicator also shows that the red histogram is rising below the neutral level, indicating strong bearish momentum and suggesting that the downward trend will continue.
However, if SOL recovers, it may continue the recovery momentum until the next resistance level of $141.41.
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Solana Price Prediction: After falling to a two-month low due to the U.S. attack on Iran, SOL rebounds.
Gate News, on Monday (June 23) during the Asian morning session, the price of Solana (SOL) followed the recovery of the crypto assets market, having fallen to a two-month low of 126 USD the day before. This price pullback was triggered by panic sentiment caused by the U.S. attack on Iran over the weekend, which led to risk-averse sentiment in the crypto assets market. From a technical perspective, the SOL price looks bearish; if the daily closing price falls below 130 USD, it will confirm a pullback to the 118 USD level.
The price of SOL fell nearly 14% last week, reaching the highest level since mid-April. The escalation of tensions in the Middle East is the main reason for this pullback. The war between Iran and Israel has been ongoing for more than a week, and on Saturday evening, news of the U.S. attacking three Iranian nuclear facilities marked a turning point in the conflict.
The U.S. strikes against Iran have led to a continued fragile global risk sentiment, with Bitcoin (BTC) falling to a low of $98,200 on Sunday, followed by SOL dropping to a low of $126.
Iran's response to the U.S. attack could be another worrying event this week, increasing the risk of a wider conflict in the Middle East and potentially leading to greater losses for risk assets such as Solana.
SOL Price Prediction: Reaching the Highest Level Since Mid-April
FXStreet analyst Manish Chhetri stated that the SOL price encountered resistance near the 200-day Exponential Moving Average (EMA) and closed below the daily support level of 160 USD on June 12, subsequently falling 5.20% over the next two days.
He pointed out that if SOL falls and closes below the 61.80% Fibonacci pullback level (from the low of $95.26 on April 7 to the high of $187.73 on May 23), which is $130.58, it may continue to decline and retest the next daily support level of $118.10.
On the daily chart, the Relative Strength Index (RSI) reading is 35, nearing oversold territory, indicating strong bearish momentum.
In addition, the Moving Average Convergence Divergence (MACD) indicator showed a bearish crossover last week. The indicator also shows that the red histogram is rising below the neutral level, indicating strong bearish momentum and suggesting that the downward trend will continue.
However, if SOL recovers, it may continue the recovery momentum until the next resistance level of $141.41.
(Source: FXStreet)