{"id":391409,"date":"2024-05-12T13:30:13","date_gmt":"2024-05-12T08:00:13","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=391409"},"modified":"2024-05-12T11:18:08","modified_gmt":"2024-05-12T05:48:08","slug":"solana-why-142-is-a-crucial-support-level-for-sols-price","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/solana-why-142-is-a-crucial-support-level-for-sols-price\/","title":{"rendered":"Solana: Why $142 is a crucial support level for SOL&#8217;s price"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Solana was down by more than 5% in the last 24 hours alone.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">A few of the metrics and indicators hinted at a trend reversal.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The market condition pushed most crypto prices down, and <\/span><a href=\"http:\/\/ambcrypto.com\/category\/solana-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Solana [SOL]<\/span><\/a><span style=\"font-weight: 400;\"> was not an exception. The price decline caused SOL\u2019s price to dip to a critical level, which can determine the token\u2019s future track.\u00a0<\/span><\/p>\n<h4><b>Solana approaches support<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The last 24 hours witnessed a clear domination of the bears. According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/solana\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, SOL was down by more than 5% over the last day. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, SOL was trading at $144.80 with a market capitalization of over $64 billion, making it the fifth-largest crypto. The declining price action pushed the token\u2019s Weighted Sentiment down.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> So, bearish sentiment around SOL was dominant in the market. Its Social Volume also declined, indicating a dip in the token\u2019s popularity in the crypto market.<\/span><\/p>\n<figure id=\"attachment_391412\" aria-describedby=\"caption-attachment-391412\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.12.40-11-May-2024.png\"><img decoding=\"async\" class=\"wp-image-391412 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.12.40-11-May-2024.png\" alt=\"Solana's social volume declined\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.12.40-11-May-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.12.40-11-May-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.12.40-11-May-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.12.40-11-May-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.12.40-11-May-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.12.40-11-May-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.12.40-11-May-2024-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-391412\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">AMBCrypto\u2019s analysis of SOL\u2019s chart revealed that SOL was fast approaching a crucial support level of $142. If Solana manages to test that support, ten investors can expect a rebound.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> But a drop under that could be disastrous.\u00a0<\/span><\/p>\n<figure id=\"attachment_391414\" aria-describedby=\"caption-attachment-391414\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_14-25-06.png\"><img decoding=\"async\" class=\"wp-image-391414 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_14-25-06.png\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_14-25-06.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_14-25-06-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_14-25-06-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_14-25-06-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_14-25-06-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_14-25-06-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_14-25-06-1200x645.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-391414\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h4><b>Which way is Solana headed?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">To understand what to expect from SOL in the near term, AMBCrypto analyzed Santiment\u2019s data. We found that SOL\u2019s Open Interest dropped along with its price. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whenever the metric sinks, it indicates that the chances of the ongoing price trend continuing are low, hinting at a trend reversal. <\/span><\/p>\n<figure id=\"attachment_391415\" aria-describedby=\"caption-attachment-391415\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.14.53-11-May-2024.png\"><img decoding=\"async\" class=\"wp-image-391415 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.14.53-11-May-2024.png\" alt=\"SOL's funding rate increased\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.14.53-11-May-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.14.53-11-May-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.14.53-11-May-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.14.53-11-May-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.14.53-11-May-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.14.53-11-May-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-15.14.53-11-May-2024-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-391415\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, SOL\u2019s Funding Rate was high, which looked pretty concerning for the token\u2019s price action. On top of that, Solana\u2019s Long Short Ratio declined, indicating a bearish advantage in the market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If these metrics are to be believed, then SOL\u2019s price might plummet under the $142 support. <\/span><\/p>\n<figure id=\"attachment_391416\" aria-describedby=\"caption-attachment-391416\" style=\"width: 2722px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-11-at-3.15.12\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-391416 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-11-at-3.15.12\u202fPM.png\" alt=\"\" width=\"2722\" height=\"536\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-11-at-3.15.12\u202fPM.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-11-at-3.15.12\u202fPM-300x59.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-11-at-3.15.12\u202fPM-1024x202.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-11-at-3.15.12\u202fPM-768x151.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-11-at-3.15.12\u202fPM-1536x302.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-11-at-3.15.12\u202fPM-2048x403.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-11-at-3.15.12\u202fPM-1200x236.png 1200w\" sizes=\"(max-width: 2722px) 100vw, 2722px\" \/><\/a><figcaption id=\"caption-attachment-391416\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The Relative Strength Index (RSI) also remained in bears\u2019 favor as it registered a downtick. Nonetheless, a few of the other indicators provided much-needed relief. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, the MACD displayed a bullish upperhand in the market. On top of that, after a sharp decline, Solana\u2019s Chaikin Money Flow (CMF) registered an uptick, which indicated a possible price increase.\u00a0<\/span><\/p>\n<figure id=\"attachment_391417\" aria-describedby=\"caption-attachment-391417\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_15-17-12.png\"><img decoding=\"async\" class=\"wp-image-391417 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_15-17-12.png\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_15-17-12.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_15-17-12-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_15-17-12-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_15-17-12-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_15-17-12-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_15-17-12-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSDT_2024-05-11_15-17-12-1200x645.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-391417\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">If SOL manages to test its support near $142, then investors might witness SOL once again approach its resistance near $160.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SOL\u2019s market cap in BTC\u2019s<\/span><\/a><span style=\"font-weight: 400;\"> terms<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">AMBCrypto had <\/span><a href=\"http:\/\/ambcrypto.com\/solana-eyes-200-price-target-heres-what-sol-needs-to-do-now\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> earlier that the token had already approached that level twice last week but faced rejections. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Worst-case scenario: if SOL fails to test the support, then its price could plummet to its next support, near $120-$125, within days.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana was approaching its support at $142, but a plummet under it could push prices down to $120.<\/p>\n","protected":false},"author":75,"featured_media":391418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,6376,20],"tags":[6427],"class_list":["post-391409","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-solana-news","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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