Price Prediction for Solana (SOL) on May 20
The price of Solana today is around $165.90, nearly 7% lower in the last 24 hours, after falling below the crucial support of $170. This marks a strong bearish reversal from last week's high near USD 184. The latest price action of Solana reflects the increase in volatility and selling pressure following multiple failed attempts to stay above the resistance zone of $175. The rejection around the upper Bollinger band and the confluence of the downward trendline has accelerated the drop.
The price of Solana is under pressure after losing the support of USD 170, and short-term indicators suggest that the pullback may not be over yet. With key support now shifting to the region of USD 158 to USD 160, traders are advised to watch for a base formation before re-entering long positions. If support holds, SOL could quickly bounce back towards USD 174, but failure could deepen the pullback below USD 155.