Solana: Reaching $155 Could Signal the End of the Downtrend
Solana’s price is currently under pressure, but there is a possibility of a comeback. If the cryptocurrency manages to overcome the $155 mark, it could energize buyers and invalidate the ongoing downtrend.
The recent decline in Solana’s price below the critical $150 support level has highlighted the intensive selling pressure it is facing. Despite a notable rebound from the $120 mark last month, sellers are still active and attempting to push SOL below the trendline support, further extending the downward trend. A decisive break and close below $135 could intensify the selloff and potentially lead SOL towards the $100 mark in the coming weeks. Sellers have been increasing their short positions since the start of the month, contributing to the decline in price.
As of now, Solana is trading at $144.25, showing a slight increase of 0.06% for the day. The charts reflect a state of neutrality, with a monthly return ratio of -9.20% and a yearly return of 8.43%, indicating weakness in the short term. In the SOL/BTC pair, the price currently stands at 0.00218 BTC, and Solana’s market capitalization is approximately $66.64 billion. Analysts maintain a neutral stance, predicting volatile price fluctuations in the near future.
The RSI (Relative Strength Index) has entered the oversold region, and the MACD (Moving Average Convergence Divergence) indicator has shown a bearish crossover, with red bars appearing on the histogram. Furthermore, trading volume has decreased by 54.34% to $969.27 million, suggesting a decline in investor interest. On the daily chart, a crucial support level at $141 is indicating a buy signal, implying that if this support holds, SOL could experience a rebound within the next one to four days.