SOL Price on the Edge—Will It Surpass $140 or Crash Below?

Solana (SOL) is trading at a critical price point of around $137, with its next major resistance level looming at $140. While the broader cryptocurrency market has seen significant gains, particularly with Bitcoin breaking above the $60,000 mark and currently trading above $59,000, Solana has struggled to keep pace, raising concerns about its short-term trajectory.

Solana’s Price Action: Resistance at $140

Despite the overall bullish sentiment in the market, Solana has yet to break through the crucial $140 resistance level. This level, which previously acted as support, is now a barrier that Solana must overcome to gain upward momentum. Analysts believe that if Solana fails to close above this level, it could face further downside pressure, potentially testing support levels around $130 or lower.

Bitcoin's Rally and Its Impact on Altcoins

Bitcoin’s surge above $60,000 has drawn attention to the entire crypto market, boosting confidence in altcoins like Solana. However, while Bitcoin and Ethereum are enjoying significant price gains, Solana’s price has remained relatively subdued, highlighting its current resistance struggles. The next few days will be crucial in determining whether SOL can catch up with the bullish momentum or face further declines.

Key Technical Indicators for Solana

Solana is currently trading below its 4-hour 200 EMA at $139.9, which has acted as resistance since August. A break and close above this level could pave the way for a move toward $160, but failure to surpass it could result in bearish sentiment, leading to a pullback.

What’s Next for Solana?

As Bitcoin continues to hover around $60,000, Solana’s performance remains under close watch. A break above $140 could signal a rally for the altcoin, while continued struggles at this level may lead to a sharper correction.

Disclaimer: This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.

Source: ICO Gem Hunters