Attention Crypto Investor: Solana Faces Pressure as Sellers Return
As a crypto investor, it is crucial to pay attention to the current market conditions surrounding Solana. Sellers have made a comeback, putting pressure on the digital asset. Hereโs what you need to know:
Sellers Regain Control
Solana experienced a 10% drop in value over the past week as sellers managed to prevent the price from breaking through the key resistance level of $206. Now, these sellers are aiming to push the price below the critical support level of $164.
Critical Support Level at Risk
The key support level for Solana stands at $164. To prevent further decline, the price must remain above this level. A breach below $164 could pave the way for bears to drive Solana towards the $130 mark.
MACD Indicator Signals Bearish Trend
Adding to the bearish outlook is the recent bearish cross on the 3-day Moving Average Convergence Divergence (MACD) indicator. This crossing indicates a shift in momentum towards the bears, potentially signaling the end of Solanaโs uptrend. Confirmation of this trend change would occur if the $164 support level is breached.
Current Market Sentiment for Solana: Bearish
Short-term Price Outlook for Solana
The short-term price prediction for Solana remains uncertain. Sellers are in control, and if they successfully push the price below $164, further downside movement is likely. It is essential to monitor the price action closely to gauge the marketโs direction.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.