The SOL/USD coin maintained its bullish early-day rally, gaining further positive traction around the $140.00 level. The SOL/USD was trading at $143.016 on Monday, which was up by 8.34% on the day. Solana, the 7th-largest coin by market cap, noted a vast 311% three-monthly ROI vs. the USD. The more than 750% gains in Solana over one and a half months were impressive. However, with SOL logging high weekly losses, the market expectation that Solana could reach another ATH faded.
Solana is trading at $140.131, with a twenty-four-hour trading volume of $2,679,116,975.61. Solana has gone up by 7.79% in the last twenty-four hours. However, the renewed buying pressure surrounding the Solana prices was primarily fueled by the bullish sentiment in the crypto market. The latest upticks bear witness to this in the world’s largest cryptocurrency. Bitcoin managed to stay above the key $40,750 support zone against the US dollar. BTC is surging, and it could soon rally over the $45,000 resistance.
The upticks in the Solana prices were further bolstered by the weaker US dollar. The broad-based greenback failed to stop its early-day declining streak, dropping further on the day, as the risk-on mood in the market tends to undermine the safe-haven US dollar. Meanwhile, the declines were further bolstered, as the US 10-year Treasury Yields eased from their highest level since June, snapping a five-week uptrend. The US Dollar Index, which tracks the greenback against a bucket of other currencies, dropped by 0.12%, to 93.222. The prevalent declines in the US dollar helped the LTC/USD coin to stay bid.
Solana Price Prediction – Downward Trendline to Provide Resistance at $142
The SOL/USD is trading sideways, below a downward trendline, which is extending resistance at $142.75. On the 4-hour timeframe, the SOL/USD has closed a Doji candle below the 50 SMA, which is extending major resistance at 142. Closing of candles below this level support the chances of a continuation of the selling trend. On the lower side, the SOL/USD may find immediate support at 133.74, and further down, the next support level will prevail at 126.69 and 117.69. A selling bias might dominate below 142, until 133 and 126, while a bullish breakout at 142 could extend the buying trend until 149.80 and 152. Good luck!