- The cryptocurrency market is generally experiencing downward pressure, with attempts to recover from a potential bearish grip. With red dominating most assets, recent gains have begun to fade. In this context, major currencies like Bitcoin (BTC) and Ethereum (ETH) are hovering around levels of $115.3 thousand and $4.2 thousand respectively.
Solana's performance in the last 24 hours
Solana (SOL) could not escape the downward wave, recording a loss of 2.02% over the last 24 hours. The price fluctuated between a daily low of $177.85 and a high of $185.78. According to CoinMarketCap data, SOL was trading at $179.65 at the time of writing this report.
Solana's market cap reached $96.99 billion, while the daily trading volume increased by 13.75% to $5.86 billion. Coinglass data showed that the market experienced the liquidation of trades worth $21.46 million from Solana during this period.
Selling pressure after failing to break resistance
Chart data from Ali indicates that Solana faced downward pressure after failing to hold above the $185 level. With the next key support centered at $177, the price may slide towards the $160 area, which is a critical support zone. This reflects weakness in momentum after several failed attempts to break resistance at the $200 level.
Technical indicators: Clear downward bias
MACD Indicator: The main line fell below the signal line, both below the zero line, confirming the downward trend and weakness in momentum.
Chaikin Money Flow (CMF) Indicator: Recorded a value of -0.08, indicating slight selling pressure and a withdrawal of some liquidity from the market, but it does not reflect heavy selling, rather a moderate downward bias.
Daily RSI Indicator: Stabilized at 38.38, in a momentum weakness zone without reaching oversold, suggesting that the downward pressure is not strong enough to ensure a certain rebound.
Bull Bear Power (BBP) Indicator: Recorded a reading of -11.25, indicating strong seller dominance and pushing the price downward. The more negative the value, the greater the intensity of the downward momentum.
Potential scenarios for SOL price
If selling pressures continue: the price may retreat to test support at $179.57 or even lower towards $179.49, with the possibility of a Death Cross forming that increases the decline.
If buying momentum returns: the price could head to test resistance at $179.73, breaking it may push towards higher levels like $179.81 or more, with the possibility of a Golden Cross appearing that may reverse the trend in favor of buyers.
Summary
Solana is moving in a narrow range between critical support and resistance levels, with a clear bias towards the downward trend. Although the market has not reached an oversold state, the weakness in momentum and seller dominance make any potential rebound fragile. Conversely, the entry of new buying strength could quickly change the landscape and attempt to break through nearby resistance levels.
