Will solana Hold $164 Above Critical Support? Three Things to Consider (SOL Price Analysis)
Buyers cannot stop the downtrend and sellers take advantage of this situation. The price has fallen significantly in the last seven days and it is interesting to see whether the upcoming support level will hold.
Key support: $164
switch resistor: $206
Sellers Returns
Solana lost 10% of its valuation last week as it twice failed to break key resistance at $206. Now the sellers have reached the critical support and are trying to push the price below $164.
Source: TradingView
Critical Support Under Pressure
SOL price must stay above the key support at $164 to avoid a lower decline. A break here will pave the way for the bears to take Solana to $130 next.
Source: TradingView
Bearish Cross on MACD
To make matters worse, the 3-day MACD showed a bearish trend. This is an important signal that momentum is turning bearish and Solana’s uptrend may be coming to an end. This will be confirmed if the $164 support is lost.
Source: TradingView
Current prejudice against Solana: decline
Short term price forecast for Solana
SOL’s price action is at a critical juncture. There are clear signs that sellers have the upper hand. If they succeed in their attack, SOL is likely to decline below the key $164 support.
SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers on Bybit: Use this link to sign up for Bybit Exchange for free and open a $500 BTC-USDT position!
Disclaimer: The information contained on CryptoPotato belongs to the authors quoted. They do not represent CryptoPotato’s views on buying, selling or holding any investment. It is recommended that you do your own research before making any investment decisions. You use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency charts from TradingView.
#Solana #Hold #Critical #Support #SOL #Price #Analysis
