Solana (SOL) is currently grappling with downward pressure in the market, slipping below the crucial $190 threshold. Latest market data shows SOL trading at $185.86, marking a 2.62% decline over the past 24 hours. With the price now below the critical $190 support level, there are indications of potential further declines, with a breach below $180 potentially leading to lower support levels.
The downward trend is underscored by a notable 22.6% drop in 24-hour trading volume, totaling around $3.6 billion. Concurrently, SOL’s market capitalization has decreased by 2.92% to $82.4 billion, reflecting a substantial 43% drop from its recent peak. If the $180 support fails to hold, Solana may target the next significant support at $150, near the 50-day simple moving average and the 50% Fibonacci retracement level from the recent upward movement.
On the flip side, a resurgence in buying pressure could aid SOL in reclaiming ground towards the initial resistance at $190. However, a formidable obstacle awaits near $200, and surpassing this level is crucial for any meaningful price recovery. Further rallies could encounter resistance at $210, with potential upsides targeting $225 and beyond.
SOL/USD’s price on the daily chart is currently at $165.70, following a volatile session with a high of $191.94 and a low of $176.96. Despite the volatility, SOL has shown resilience after touching the lower bounds of the Keltner Channel at $181.39. The tightness of the channel around the current price suggests a period of consolidation, potentially paving the way for a breakout given the right market catalyst.
Technical indicators present a mixed picture; the MACD indicates a bearish crossover, signaling ongoing bearish momentum. Conversely, the Stochastic RSI suggests potential oversold conditions, hinting at a potential reversal or at least a pause in the downward movement. As investors weigh these indicators, SOL/USD appears to be at a critical juncture, testing both investor sentiment and the resilience of the current price level.