🚨 Solana at a Make-or-Break Level — Can the $175 Support Hold?
Solana ($SOL) is teetering on a critical edge as it tests the $175–$177 support zone — a level that could dictate its short-term trajectory. After facing strong rejection near $190, selling pressure has intensified, putting bulls in a tight spot.
📉 Below Moving Averages = Bearish Momentum
Insights from GemXBT reveal SOL is trading below key short-term moving averages (5MA, 10MA, 20MA), signaling bearish dominance. Historically, slipping below these levels often precedes further downside — unless buyers step in decisively.
📊 Technical Signals: Caution Ahead
Support: $175 remains the line in the sand — a potential launch pad if RSI oversold conditions trigger a relief bounce.
Resistance: $190 is now the battleground, where recent rejection showed strong seller presence.
MACD: Still below the signal line, reinforcing bearish momentum.
🔍 AlgoCats’ Analysis
In a recent X post, AlgoCats highlighted how the current $175–$177 zone was once resistance — now acting as a potential floor. But with heavy upper wick rejection at $190 and signs of liquidation-driven sell-offs, the market looks shaky.
🔥 Bottom Line:
This $175–$177 region is the trench. If bulls can defend it, a bounce may follow. But if it gives way, SOL might face deeper losses. Watch this zone closely — the next move could set the tone for August.
