Solana (SOL) is flashing renewed bearish signals after failing to maintain momentum above key resistance zones. The popular altcoin recently fell from a high of $188 and is now trading below the crucial $180 level and its 100-hourly simple moving average.
Despite a brief rebound from the $170 support, the recovery lacked strength. SOL only managed to surpass the $172 level and the 23.6% Fib retracement from the recent drop between the $188 swing high and the $170 low. But with mounting pressure from bears, the rally stalled near $176, where a bearish trend line has now formed.
Key Resistance Levels: $176, $180, and $185
Solana faces immediate resistance at $176, where the bearish trend line is acting as a ceiling. If bulls manage to clear this level, the next critical barrier stands at $180, followed by a stronger resistance at $185.
A confirmed breakout and hourly close above $185 could pave the way for a steady uptrend, with potential targets at $192 and eventually $200, if momentum continues.
Downside Risks: $170 and Below
If SOL fails to break above $176, sellers may regain control. The initial support lies at $172, but the main support to watch is $170. A decisive move below this zone could send SOL lower toward $165, with further downside risk to $160 if selling pressure intensifies.
Technical indicators confirm the bearish trend:
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The MACD for SOL/USD is gaining pace in the bearish zone.
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The RSI has slipped below 50, reflecting weakening buyer strength.
Solana Faces a Critical Test
Solana’s current price action suggests indecision in the market, but with bearish momentum dominating, a breakdown toward $165 or lower remains a real possibility. Bulls must defend $170 aggressively to avoid deeper losses.
Traders should watch for a confirmed move above $176 as a possible reversal signal, while a break below $170 may invite additional selling across the altcoin market.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
