Today, Solana has seen a noticeable decline in its price, dropping from around $193 to $180 at a rate of approximately 6.5% over 24 hours. This decline came after the coin failed to maintain momentum above the $200 level, leading to increased selling pressure.
Support and Resistance Levels:
The main support at $180 is a critical level to maintain price stability, and the secondary support at $170. If the price breaks the main support, it may reach this level.
The first resistance at $188. Breaking this level may restore the upward trend, and the second resistance at $200 is a strong resistance level and opens the way for higher levels.
Technical Indicators:
The Relative Strength Index (RSI) is showing signals near the overbought area, which may indicate a potential upward rebound soon.
Negative MACD crossovers indicate continued short-term selling pressure.
Price Movement: The price is moving within a corrective range between $180 and $188, and it needs to close above the resistance on a daily basis to confirm the return of upward momentum.
In summary, Solana is currently in a short correction phase. Maintaining the $180 level is essential to avoid a drop to lower levels, and any breakout above the $188-190 level may restore buying power and open the way for a rise towards $200 and beyond.
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