$SOL
🚨 SOL Technical Analysis as $175 Resistance Holds 🚨
The Solana daily price chart shows that SOL’s uptrend faced rejection at the $175 resistance level, and if bulls fail to push it past this price, it may force it back to the demand zone between $135 and $143.
Looking at the historical patterns, the price tends to bounce back each time it enters this demand zone.
This means that Solana has to drop lower before it can bounce back up to overcome the $175 resistance level and break out above $200.
The RSI supports this outlook as its price movements show that it often bounces whenever Solana tests the support level in this zone. This means that if the sell orders are filled, and Solana price re-enters this demand zone, the breakout to $200 will occur.
Considering the exchange data that shows a cluster of sell orders above the current price and the liquidation map showing looming long liquidations, a Solana price crash to $140 is imminent before the next bullish leg. The technical outlook shows that dropping to this demand zone may spark buying activity and aid upward gains.