Source: TradingView
Buyers are unable to stop the downtrend, and sellers are taking advantage. The price has been down considerably in the past seven days, and it’s interesting to see if the upcoming support level will hold.
Key support: $164
Key resistance: $206
Solana lost 10% of its valuation in the past week after failing to break the key resistance at $206 twice. Now, the sellers have arrived at critical support, attempting to push the price below $164.
To avoid a lower low, SOL’s price has to stay above the key support at $164. A breakdown there would open the way for bears to take Solana towards $130 next.
To make matters worse, the 3-day MACD just made a bearish cross. This is a major signal that momentum is shifting bearish, and Solana’s uptrend may come to an end. If the support at $164 is lost, this would be confirmed.
Current bias on Solana: Bearish
SOL’s price action is at a critical junction. There are clear signs that sellers have the upper hand. If they are successful in their offensive, then SOL will likely fall under the key support at $164.
