Here is the Most Critical Support to Watch (solana Price Analysis)
Solana has failed to sustain its bullish momentum and the uptrend is quite high.
Key Support levels: $78
Key Resistance levels: $104
1. Bear Distribution Continues
As soon as Solana broke below $100, momentum turned bearish and sellers took over the price action. Over the weekend, the price fell below the uptrend, which put an end to the rally that started in October 2023.
Chart by TradingView
2. Key Support $78
While buyers are on the defensive, the first key support level where they can stop this correction lies at $78. This level was acting as resistance to the upside, now it may act as support.
Chart by TradingView
3. MACD Bearish Momentum Intensifies
The MACD histogram and moving averages are falling at an increasing pace, which is a bearish signal indicating that sellers are currently dominating. As a result, the price of SOL will likely continue to fall.
Chart by TradingView
Prejudice
SOL’s trend is downward.
Short Term Forecast for SOL Price
Currently, all eyes are on the key support at $78, which is the most important support level on the chart. This fix may take longer than expected if buyers don’t get back there.
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Cryptocurrency charts from TradingView.
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