$SOL
🚨Technical Outlook: Can Solana bulls defend key support level?🚨
Solana’s price trades within two key levels: the 200-day Exponential Moving Average (EMA), which offers support at approximately $164 and $185, where the uptrend recently faltered.
A sell signal from the Moving Average Convergence Divergence (MACD) indicator was confirmed on May 18, when the blue MACD line crossed below the red signal line. The downtrend targeting the mean line (0.00) and the red histogram bars expanding below it suggest an intensifying bearish momentum.
The Relative Strength Index (RSI) downtrend approaching the 50 midline reflects Solana’s fading bullish momentum. Should the RSI slide below this pivotal level, the path with the least resistance could stay downwards, leaving SOL vulnerable to sell-side pressure.
Traders would monitor SOL’s reaction to the ascending trendline, with a break below it likely to pave the way to extended losses. Key areas of interest include the 200-day EMA support at around $164, the confluence support at around $159, combining the 50-day and the 100-day EMAs, as well as the demand zone at $140, which was tested during the first week of May.
A buy signal from the SuperTrend indicator could boost SOL’s bullish structure, especially for traders using it as a dynamic support. This trend-following tool sends a buy signal when the price crosses above the SuperTrend line, with the color changing from red to green. Notably, breaking above the upper consolidation range at $185 would bring higher levels into focus, including the area at $200, tested as resistance in early April.