The price of Solana (SOL) is hovering around $117–$120, raising questions about its future market movement. This article will examine the current chart conditions and key indicators.
Current Market Situation of Solana
On the daily chart, Solana is in a downward trend. Heikin Ashi candles confirm the bearish momentum with a sequence of lower highs and lower lows. The price has broken below all major moving averages, signaling sellers' dominance in the market.
Key Support and Resistance Levels
Immediate support lies near $116. A break below this level may lead to declines towards psychological and technical levels around $110 and even $100. Buyers need to reclaim the $121–$123 range to prepare for a test of $130.
Short-Term and Long-Term Outlook
The short-term outlook over the next 48–72 hours suggests high volatility. The long-term view remains bearish unless the $140–$145 resistance level is breached. Current technical indicators do not signal an imminent rise.
Solana is under pressure and requires significant market changes to break out of its current bearish trend. Analyzing support and resistance levels will aid investors in evaluating future actions.
