Solana ($SOL ) Technical Analysis:

Last week, #Solana closed below its daily resistance level of $184.13 on Monday and subsequently declined by 13.44% over the next five days. The decline found support around the 200-day Exponential Moving Average (EMA) at $162.75 on Sunday. Notably, this EMA level aligns closely with the 61.8% Fibonacci retracement at $163.40, establishing a key support zone.

At the start of this week, SOL rebounded by 4.68% on Monday, and as of Tuesday, it is trading near $168.67.

If the 200-day EMA at $162.75 continues to hold as a support level, there is potential for SOL to extend its rally toward the daily resistance at $184.13.