Solana Bearish Trend Deepens: Is $164 Support the Next Stop For SOL?
Solana is under mounting selling pressure, sliding its price further into a correction phase. After struggling to maintain upward momentum, SOL has been steadily retreating, now approaching the crucial $164 support level. This key zone will determine whether the cryptocurrency finds stability or extends its downward trajectory.
Market indicators suggest that bears remain in control, with momentum shifting in favor of sellers. If Solana fails to hold above $164, it could open the door to even deeper losses. However, if buyers step in to defend this level, it would trigger a price reversal. Will SOL stabilize and recover, or is a larger correction on the horizon?
SOLs Battle With Bearish Momentum
Recent price action reveals that SOL is grappling with persistent bearish pressure as its price struggles to maintain upward momentum. Following a series of failed attempts to break through key resistance levels, the cryptocurrency has seen a gradual decline, pushing it into a deeper retracement toward $164.
Technical indicators strongly back the bearish outlook for Solana, with one of the key signs being its price trading below the 100-day Simple Moving Average (SMA). The fact that SOL is trading below this important threshold highlights the dominance of the bears in the market, making it more likely that the downward pressure will continue unless significant buying interest emerges.
In addition to this, another key indicator reinforcing Solanas bearish outlook is the Relative Strength Index (RSI), which is currently positioned at 25% in the lower territory. At 25%, the cryptocurrency is in the oversold zone, indicating strong selling pressure and a market dominated by bears.
While this suggests SOL could be undervalued in the short term, it also implies that the upward trend is losing momentum. Combined, these indicators paint a picture of a market struggling to find support. With the 100-day SMA holding as a crucial resistance, Solana may face further declines unless theres a reversal in market sentiment or a breakout above key resistance levels.
Solanas Market Outlook: $164 Support Level To Determine Next Price Action
Solanas market outlook remains highly dependent on its ability to maintain the crucial $164 support level. This level has proven to be a key battleground for bulls and bears, and its strength or weakness might set the stage for the next significant price movement. Should selling pressure persist and a breakdown below this level occurs, a bearish trend toward the next support zones, such as $137 or even $118 for SOL is likely.
However, if Solana can defend the $164 support and generate a strong rebound, this may indicate that the selling momentum is slowing down and that the bulls could be ready to step in. A successful hold at this level hints at a relief rally, pushing the altcoin back toward key resistance levels like $240 and $260.
Read more: https://www.newsbtc.com/news/solana/solana-bearish-trend-deepens/
Text source: NewsBTC
