The Current Downtrend of Solana Price

The Current Downtrend of Solana Price

Solana’s price has been on a downward trend, extending losses below the $150 support zone. Despite some consolidation, the price remains below $160 and the 100-hourly simple moving average. This has been influenced by the overall bearish sentiment in the cryptocurrency market, with Solana following the lead of major cryptocurrencies like Bitcoin and Ethereum.

Currently, Solana is facing resistance at the $152.50 level, which could potentially trigger a short-term recovery wave if successfully cleared. There is also a bearish trend line forming with resistance at $150 on the hourly chart, indicating a challenging path for price improvement. The next major resistance levels to watch out for are near $152.50, $157, and $165, with the possibility of a major increase if these levels are surpassed.

On the downside, Solana has immediate support near the $145 level, followed by a major support level at $142. A close below $135 could lead to further declines, with the price potentially testing the $120 support in the near term. The technical indicators, such as the MACD and RSI, are currently in the bearish zone, signaling potential downside risks for Solana’s price in the short term.

Solana’s price has been following a downward trend below key resistance levels, facing challenges in its path to recovery. While there is potential for a short-term recovery wave if resistance levels are cleared, the overall sentiment remains bearish with support levels to watch out for in case of further declines. Traders and investors should closely monitor the price movements and technical indicators to assess potential entry or exit points in the current market environment.

Analysis

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