Buyers are unable to stop the downtrend, and sellers are taking advantage. The price has been down considerably in the past seven days, and its interesting to see if the upcoming support level will hold.

Key support: $164

Key resistance: $206

Sellers Return

Solana lost 10% of its valuation in the past week after failing to break the key resistance at $206 twice. Now, the sellers have arrived at critical support, attempting to push the price below $164.

Source: TradingView

Critical Support Under Pressure

To avoid a lower low, SOL’s price has to stay above the key support at $164. A breakdown there would open the way for bears to take Solana towards $130 next.

Source: TradingView

Bearish Cross on MACD

To make matters worse, the 3-day MACD just made a bearish cross. This is a major signal that momentum is shifting bearish, and Solana’s uptrend may come to an end. If the support at $164 is lost, this would be confirmed.

Source: TradingView Current bias on Solana: Bearish

Short-term price prediction for Solana

SOL’s price action is at a critical junction. There are clear signs that sellers have the upper hand. If they are successful in their offensive, then SOL will likely fall under the key support at $164.

SPECIAL OFFER (Sponsored) LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.