Solana Above Critical Support, Will $164 Hold? Three Things to Watch (SOL Price Analysis)

Buyers are unable to stop the downtrend, and sellers are taking advantage. The price has been down considerably in the past seven days, and it’s 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.

solana_price_chart_1004241
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.

solana_price_chart_1004242
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.

solana_macd_chart_1004241
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.

The post Solana Above Critical Support, Will $164 Hold? Three Things to Watch (SOL Price Analysis) appeared first on CryptoPotato.

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