Solana Hits New Lows as Sellers Take Control

Short-Term Support and Resistance Levels

In the short term, Solana’s price has found local support around $142.55. If SOL manages to hold this support level, there is potential for a rebound to the $158-$160 range by tomorrow. Here’s a detailed look at the current support and resistance levels:

• Support Level: $142.55
• Potential Rebound Zone: $158-$160
• Resistance Levels: $160, with broader resistance at $188.89

If the daily candle closes significantly lower than $142.55, Solana may continue to face downward pressure. Conversely, if the price can hold near this support, it might offer some relief and trigger a bounce back.

Broader Market Sentiment and Future Outlook

The broader market outlook for Solana suggests potential sideways trading around the $160 mark, or further declines if the bearish trend continues. Solana is currently navigating within a wider channel with:

• Support: $116
• Resistance: $188.89

With the current market sentiment leaning towards a bearish outlook, further declines could be on the horizon if the negative trend persists. However, the presence of key support levels provides some hope for a potential rebound.

As of now, Solana (SOL) is trading at $144, reflecting the ongoing battle between buyers and sellers. For traders and investors, closely monitoring support and resistance levels will be crucial in determining the next moves for SOL. Will the price surge or dip further? Stay tuned to market updates for the latest developments.