🔍 SOLANA ($SOL ) Technical Analysis – Key Support Test in Progress!

Solana ($SOL ) recently broke a consolidation pattern, rising towards the $186 zone before facing strong rejection. The current price action shows SOL retracing and testing the 150 EMA on the 1-hour chart, which is acting as a dynamic support around $173.85.

📉 Price Overview:

After printing a local high, $SOL has retraced with increasing selling pressure. However, the price is now in a key decision zone, just above its 150 EMA, a level that previously acted as support during bullish trends.

📊 Volume Outlook:

Volume increased during the breakout, but has remained steady during the retracement. This indicates that there is not yet a complete trend change, but bulls need to defend this level to maintain momentum.

📌 Key Levels to Watch:

Support: $173.5 (EMA) → If this breaks with strong volume, we could see a drop towards $168 or even $162.

Resistance: $178 → A strong bounce here could reverse the short-term structure upwards again with targets at $182–186.

🔁 Bias:

Short Term: Neutral → Bullish if support holds

Medium Term: Possible bullish continuation above $178 with increasing volume

🧠 What Traders Should Watch:

Price reaction to the 150 EMA

Volume confirmation during the next move

Rejections on wicks or clean breaks on lower time frames (15m/30m)

If SOL holds this level and surpasses $178, we could be gearing up for a new strong push. But if it loses this support zone, a deeper retracement could follow.

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