Bearish Breakdown in Progress
After falling below $100, Solana’s bullish momentum has shifted and sellers have taken control of the price action. The break below the uptrend that began in October 2023 has put an end to the rally.
Key Support at $78
With buyers on the defensive, the first important support level that could halt this correction is at $78. This level, which previously acted as resistance, can now act as support.
MACD Bearish Momentum Intensifies
The MACD histogram and moving averages are declining rapidly, indicating a bearish signal and confirming that sellers currently dominate the market. As a result, SOL’s price is likely to continue falling.
Bias
The bias for SOL is bearish.
Short-Term Prediction for SOL Price
All attention is now focused on the key support level at $78, which is the most significant support level on the chart. If buyers fail to return at this level, the correction may last longer than expected.
Hot Take: Solana’s Bearish Trend and Key Support Level
Solana’s failure to sustain its bullish momentum has led to a bearish breakdown in its price. The break below the uptrend and the intensifying MACD bearish momentum indicate that sellers are currently dominating. The key support level at $78 will be crucial in determining whether this correction will be short-lived or prolonged. As a crypto reader, it’s important to closely monitor Solana’s price movement and observe whether buyers can defend this key support level or if further downside is ahead for SOL.
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