Although the price of the coin dropped by 20%, causing it to fall towards the $115 level, the resilience that the coin has shown at critical support levels have prompted discussions on its potential for climbing the ranks within the cryptocurrency Markets are a great way to get a hold of the right people..
SOL’s price drop pushed it towards the 100-day EMA (shown by the orange line in the chart), which was a factor for the asset to rebound. The importance of EMAs in gauging market sentiment is evident from this dynamic. SOL could be influenced by its reaction around these levels. The next level of support is expected around $100 and the 200 EMA around $110.
![SOL USDT Chart](http://u.today/sites/default/files/inline-images/image_682.png)
The most notable features of Solana’s The double-top chart pattern is formed before the most recent correction. The classic technical pattern often indicates a possible reversal of an upward trend, as has been seen in SOL’s price movement. Double-top formation reinforces $115’s significance, since it mirrors peaks in this pattern, which now act as a strong resistance.
If you are unsure, please contact us. SOL We can be a little optimistic if the price consolidates over 200 EMA. SOL could be able to maintain its price above $110 and break through the resistance at $115, invalidating the negative sentiment that was derived from the double top pattern. It may also set the course for higher prices if it can continue trading over the $110 mark.
Chris Burniske claims that while Solana may have faced some challenges, the abundance of memes that offer high volatility could be a bullish argument for Solana once more.