Solana bangs into resistance
Solana bullish scenario:
At the end of June Solana managed to break out of its downtrend channel which it revisited and which acted as support on several occasions in early July.
The 55-day simple moving at $155.56 remains in sight, together with the 30 June high at $159.88.
Were the Solana (SOL) token to rise above $159.88, the 200-day simple moving average (SMAs) at $164.68 and 11 June high at $168.34 would likely be eyed.
Further up sit the May highs at $184.84-to-$187.68 which represent the next higher potential target area.
Solana bearish scenario:
As long as Solana remains below its $159.88 late June high on a daily chart closing basis, the June-to-July support line at $149.60 may be revisited. Another potential downside target would be the 1-to-4 July lows at $145.30-to-$144.95.
Below it lies the more significant $141.63-to-$140.43 support zone.
Were it to give way, the next lower $136.69-to-$136.01 support area may be reached as well.
Still further down lies the 22 June low at $126.00 which was made close to the mid-April low at $123.51.