Solana Price Analysis: SOL Struggles to Hold Above $170 as Bears Dominate Momentum

Key Support levels: $166

Key resistance level: $187

The price barely held above $187 at the time we visited SOL. SOL has fallen below this critical level, which has since become resistance. Support is located at $166, and it appears to be holding. The bears have been aggressive and it seems unlikely that the downtrend will stop soon.

Chart by TradingView

Technical Indicators

Trade Volume: A decrease in trading volume after a price drop. This could indicate that bears are becoming exhausted. It is too soon to tell, but bears still have the upper hand in price.

RSI: The daily RSI is still falling and has not yet reached the oversold zone (currently at 37). SOL has reversed the downtrend by 33 points in the past.

MACD: MACD is still bearish for the daily timeframe. The MACD moving averages have been expanding downwards due to the last price drop. The chart continues to be dominated by bears, and bulls must step in to stop it.

Chart by TradingView

Bias

As long as Solana does not stop the downtrend, the bias will remain bearish

SOL Price Predictions for the Short-Term

This week, SOL continued its poor performance. The bulls failed to make any attempt to reverse this trend. $166 is the next level of importance.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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