The price of Solana is currently hovering around $179.
Solana's stock has seen a liquidation of $21.46 million.
The cryptocurrency market is generally witnessing a decline, attempting to recover from a potential downturn. As asset prices fall, they have started to lose their recent gains. In line with this decline, major assets, such as Bitcoin (BTC) and Ethereum (ETH), hover around $115.3k and $4.2k.
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Among altcoins, Solana (SOL) recorded a loss of 2.02% over the past 24 hours. After a series of ups and downs, Solana failed to break through the red zone. The altcoin reached its daily low and high at $177.85 and $185.78, respectively. According to CoinMarketCap data, Solana was trading within a range of $179.65 at the time of writing this report.
F$ETH
Meanwhile, with a market capitalization of $96.99 billion, Solana's daily trading volume has increased by more than 13.75% to reach $5.86 billion. Consequently, CoinGlass data reveals that the market experienced a liquidation of $21.46 million in Solana during this period.
Ali's chart shows that Solana is facing downward pressure after failing to hold above $185. With the next key support level at $177, the price may slide towards the $160 area, which is the next main zone. This reflects a decline in momentum after repeated rejections near the $200 resistance level.
Is Solana heading towards a deeper correction?
The technical assessment of indicators for Solana indicates negative expectations, as the Moving Average Convergence Divergence (MACD) line lies below the signal line. This crossover indicates weak momentum. Both lines are below the zero line, indicating an overall downward trend, with price movement generally weak.
SOL chart (Source: TradingView)
Additionally, the Chaikin Money Flow (CMF) has stabilized at -0.08, indicating slight selling pressure in the Solana market. More capital is flowing out of the asset than in, due to the strength of sellers. The current pressure is not severe; it is closer to a moderate downward trend rather than a strong distribution.
The asset's four-hour price pattern shows an active downward correction. With bear movement continuing, the price may decline to find support around $179.57. If downward pressure intensifies, Solana's price could drop to a low of $179.49 or even lower, with a death cross appearing.
Conversely, assuming a positive reversal in the current momentum, Solana's price may rise, likely testing the nearest resistance level at $179.73. With bullish strength entering the market, the asset could breach some critical areas that may lead to a golden cross forming and price moving towards $179.81 or higher.
SOL chart (Source: TradingView)
The daily Relative Strength Index (RSI) for Solana at 38.38 indicates weak momentum, but it hasn't reached oversold levels yet. Notably, this downward pressure is not strong enough to guarantee a rebound. Furthermore, the Bull Bear Power (BBP) reading at -11.25 indicates that bears are currently in control and pushing the price down. The deeper the negative value, the stronger the selling pressure or downward momentum.
