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Bullish
Deepens of Solana Bearish Trend: Is $160 the next stop for SOL?
Under increasing selling pressure, Solana is slipping its price into a corrected phase. SOL has been gradually declining after battling to keep upward momentum, now almost reaching the vital $164 support level. This central zone will decide whether the bitcoin settles or continues its declining path.
Market indications point to bears being under control as momentum favors sellers. Solana may allow even more severe losses if she falls short of $164. Buyers stepping in to defend this level, however, would cause a price reversal. Is a bigger correction on store or will SOL stabilize and recover?
SOL's Conflict With Bearish Velocity
Recent market movement shows that SOL is under ongoing negative pressure while trying to keep increasing momentum. After many unsuccessful efforts to breach important resistance levels, the bitcoin has gradually dropped and is now moving into a deeper retrasion near $164.
Apart from this, another important sign supporting Solana's negative perspective is the Relative Strength Index (RSI), which now falls in the lower area at 25%. With 25%, the cryptocurrency falls into the oversold zone, suggesting high selling pressure and a market dominated by bears.
This shows that the upward trend is losing strength even as SOL might be underpriced in the near run. These signals taken together show a market searching for support. Solana may suffer further losses until there is a change in market mood or a breach over important resistance levels, with the 100-day SMA standing as a major obstacle.
#SOL #solana #sol $SOL
Under increasing selling pressure, Solana is slipping its price into a corrected phase. SOL has been gradually declining after battling to keep upward momentum, now almost reaching the vital $164 support level. This central zone will decide whether the bitcoin settles or continues its declining path.
Market indications point to bears being under control as momentum favors sellers. Solana may allow even more severe losses if she falls short of $164. Buyers stepping in to defend this level, however, would cause a price reversal. Is a bigger correction on store or will SOL stabilize and recover?
SOL's Conflict With Bearish Velocity
Recent market movement shows that SOL is under ongoing negative pressure while trying to keep increasing momentum. After many unsuccessful efforts to breach important resistance levels, the bitcoin has gradually dropped and is now moving into a deeper retrasion near $164.
Apart from this, another important sign supporting Solana's negative perspective is the Relative Strength Index (RSI), which now falls in the lower area at 25%. With 25%, the cryptocurrency falls into the oversold zone, suggesting high selling pressure and a market dominated by bears.
This shows that the upward trend is losing strength even as SOL might be underpriced in the near run. These signals taken together show a market searching for support. Solana may suffer further losses until there is a change in market mood or a breach over important resistance levels, with the 100-day SMA standing as a major obstacle.
#SOL #solana #sol $SOL
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