In the last week, the price has been dropping significantly, leaving buyers struggling to halt the decline. Meanwhile, sellers are capitalizing on this trend. It’ll be intriguing to observe whether the anticipated support level can withstand the pressure.
Key support: $164
Key resistance: $206
Sellers Return
Over the last week, Solana’s value decreased by 10% due to its inability to surpass the significant barrier at $206 on two occasions. Currently, sellers are aggressively trying to drive the price down towards $164.
Critical Support Under Pressure
In simpler terms, if Solana’s price wants to prevent a deeper drop, it needs to remain above the crucial support level of $164. Should this support give way, the path could be clear for bearish traders to push Solana down to around $130.
Bearish Cross on MACD
The 3-day MACD indicator has recently signaled a bearish trend reversal. This means that momentum is moving in the direction of a potential sell-off, and Solana’s upward trend could be coming to an end. If the price falls below the support level of $164, this bearish signal will be reinforced.
Current bias on Solana: Bearish
Short-term price prediction for Solana
The price of Solana (SOL) is at a crucial point, indicating that sellers hold the power. Should they prevail in their attacks, it’s possible that SOL could dip below the significant support level of $164.
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2024-04-10 18:54