Solana has been under steady selling pressure, with its price trending lower as bearish sentiment dominates the market. Attempts to recover above important levels have quickly faced renewed selling, keeping SOL below key support zones. Despite recent small rebounds, the outlook remains cautious.
With technical indicators still signalling weakness and sentiment subdued, market participants are closely watching for any signs of a reversal or further downside in the days ahead
At the time of writing, Solana is trading at $146.36, down by 3.31%, in the past 24 hours. Along with this price action, the total market cap of Solana reached $76.95 billion, with a 24-hour trading volume of $4.11 billion.
In this overview, we will analyse the key technical levels and trend directions for Solana to monitor in the upcoming trading sessions. The chart mentioned below is based on the 15-minute timeframe.
Solana Chart Analysis & SOLUSD Price Action.
Solana is currently trading at $146.36. If the price fails to hold the first level of support at $145.31, we could witness the start of a bearish trend. The next level of support to watch is at $141.8, which is crucial for maintaining a bullish outlook. If the price cannot sustain above this level, a deeper correction could take place, potentially leading to a free fall toward the next support at $138.1, which would mark a significant drop.
On the other hand, if Solana finds buying strength and the price starts moving upwards, we can identify several key resistance levels that traders should monitor. The first level of resistance is around $148.99, closely followed by $154.3 and then $158.6. If the price breaks through these resistance levels with strong momentum, it would suggest further upward movement and potentially indicate that Solana is in a stronger bullish trend.
In Closing
Solana is currently experiencing strong momentum towards the downside. If it manages to surpass the current resistance levels, this could trigger a more substantial upward trend. In the short term, we may observe a sideways market as the cryptocurrency seeks new support levels.
However, the coin may enter a bearish period with more downward swings probable if the overall market is under strong selling pressure.
Depending on how the price moves around these critical support and resistance levels, traders should keep a careful eye on them as they offer possible entry chances for both long and short positions.
