Solana Slips Below $169: Will $158 Support Hold?
With a failed rising channel and a third consecutive bearish day, can Solana (SOL) maintain support at $159?Solana has faced a significant decline as the cryptocurrency market witnessed a 3.8% drop to $2.33 trillion again this week. The fifth biggest cryptocurrency in the industry witnessed a 5.05% drop in the past 24 hours, with its cap falling below $78 billion.Solana is currently trading at $165.61 as the broader market volatility warns of a bearish continuation. Will Solana survive the market crash conditions for a bounce back this week?Another Retest of $159?On the daily chart, Solana's decline has extended to the third day of correction, with a 9.50% drop from a seven-day peak of $183.30 to its current market price. This marks the third consecutive bearish candle, featuring an intraday pullback of 1.48%.The downtrend has breached the 61.80% Fibonacci level at $169.49. Despite an inverted head-and-shoulder breakout, Solana's price action has failed to sustain momentum and is now heading toward the 50% Fibonacci level at $159.54.Solana Price ChartThe growing bearish influence is reflected in the MACD and signal lines, which are showing a bearish crossover. However, the simple moving averages remain positive, buoyed by a recent golden crossover between the 50-day and 200-day SMAs.Solanas Failed 4-hour Rising Channel On the four-hour chart, a sudden decline has led to pronounced bearish price action. Solana has broken below a long-standing support trend line of a rising channel pattern.
Text source: The Crypto Basic
