SOL struggles to hold support at $ 166 as bears take over the market
- Major support levels: $ 166, $ 146
- Key Resistance: $ 187
The SOL’s MACD formed a bearish cross over the weekly timeframe and has continued to decline since then. For now, SOL must hold critical support at $ 166 if a rally is expected. Otherwise the price could fall to find new support. Current resistance is at $ 187, where SOL has been heavily opposed.
Weekly SOL / USDT Chart | Source: TradingView
Technical indicators
Volume: Volume remained unchanged during this downtrend and the bears appear unsatisfied.
RSI: The daily RSI is falling and is still in the bearish territory (below 50). It looks like it will fall again and the hope is that the bulls will step in and raise the price again if it falls into the oversold zone.
MACD: The MACD on the daily timeframe formed a bullish cross three days ago but has not risen yet. Meanwhile, the weekly MACD is falling sharply and is likely to remain so for at least a few more weeks.
Daily SOL / USDT chart | Source: TradingView
Perspectives
If you look at the technical indicators, the current trend is sloping downwards.
Hence, the SOL will most likely fall again before a reversal is likely. If the current support at $ 166 is broken, the SOL has another chance to reverse the downtrend at $ 146.
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SOL struggles to hold support at $ 166 as bears take over the market
- Major support levels: $ 166, $ 146
- Key Resistance: $ 187
The SOL’s MACD formed a bearish cross over the weekly timeframe and has continued to decline since then. For now, SOL must hold critical support at $ 166 if a rally is expected. Otherwise the price could fall to find new support. Current resistance is at $ 187, where SOL has been heavily opposed.
Weekly SOL / USDT Chart | Source: TradingView
Technical indicators
Volume: Volume remained unchanged during this downtrend and the bears appear unsatisfied.
RSI: The daily RSI is falling and is still in the bearish territory (below 50). It looks like it will fall again and the hope is that the bulls will step in and raise the price again if it falls into the oversold zone.
MACD: The MACD on the daily timeframe formed a bullish cross three days ago but has not risen yet. Meanwhile, the weekly MACD is falling sharply and is likely to remain so for at least a few more weeks.
Daily SOL / USDT chart | Source: TradingView
Perspectives
If you look at the technical indicators, the current trend is sloping downwards.
Hence, the SOL will most likely fall again before a reversal is likely. If the current support at $ 166 is broken, the SOL has another chance to reverse the downtrend at $ 146.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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