SOL seeks to hold support above $ 166 as the bears take control of price action
Solana’s downtrend has continued this week and the bears are doing their best to push the price below $ 166.
- Key Support Level: $ 166
- Key Resistance: $ 187
After SOL struggled for several days to regain the round number zone of $ 200, SOL broke the vital support of $ 187 and turned it into resistance. The closest support is currently at $ 166 and appears to be holding. However, the bears are very aggressive and the downtrend is unlikely to stop in the short term.
Daily SOL / USDT chart | Source: TradingView
Technical indicators
Trading Volume: Volume decreased during this last decline. This shows that the bears are exhausted. However, it is too early to confirm the reversal as the bears are still in control of price action.
RSI: The daily RSI continues to decline but has not yet hit the oversold area (currently 37). In the past, SOL reversed its downtrend at 33.
MACD: The MACD also falls on the daily time frame. Because of this latest decline, the signal line and the MACD line are extending down, confirming the strength of the bears.
Daily SOL / USDT chart | Source: TradingView
Perspectives
The current trend is down. The bulls will need to hold the $ 166 support to weaken the downside.
If successful, the SOL could retest the USD 187 resistance, however, given the weakening signal in the indicators and the price movement, the chances are high that SOL will lose the USD 166 support.
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SOL seeks to hold support above $ 166 as the bears take control of price action
Solana’s downtrend has continued this week and the bears are doing their best to push the price below $ 166.
- Key Support Level: $ 166
- Key Resistance: $ 187
After SOL struggled for several days to regain the round number zone of $ 200, SOL broke the vital support of $ 187 and turned it into resistance. The closest support is currently at $ 166 and appears to be holding. However, the bears are very aggressive and the downtrend is unlikely to stop in the short term.
Daily SOL / USDT chart | Source: TradingView
Technical indicators
Trading Volume: Volume decreased during this last decline. This shows that the bears are exhausted. However, it is too early to confirm the reversal as the bears are still in control of price action.
RSI: The daily RSI continues to decline but has not yet hit the oversold area (currently 37). In the past, SOL reversed its downtrend at 33.
MACD: The MACD also falls on the daily time frame. Because of this latest decline, the signal line and the MACD line are extending down, confirming the strength of the bears.
Daily SOL / USDT chart | Source: TradingView
Perspectives
The current trend is down. The bulls will need to hold the $ 166 support to weaken the downside.
If successful, the SOL could retest the USD 187 resistance, however, given the weakening signal in the indicators and the price movement, the chances are high that SOL will lose the USD 166 support.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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