Solana (SOL) is showing signs of declining bullish strength after attempts to breach key resistance at $171. The token is currently priced at $163.98.
Decline and Support Level
Current data indicates that Solana has faced rejection in its efforts to break the $171 level, falling back to $163.98, a 3.29% decrease from the previous day. The token had previously reached $171, but the upward movement was halted due to increased trading activity.
Intraday Spike Rejected
On August 5, Solana traded above $171, but strong bearish pressure during the U.S. trading session led to a decline back to $164.32, showing a 1.14% intraday drop. Trading volume, however, surged by 23.37%, reaching $5.39 billion.
Technical Indicators and Their Implications
Technical indicators suggest caution, with the Relative Strength Index (RSI) falling to 44.72, indicating weakening bullish sentiment. Additionally, the MACD shows bearish momentum, with a MACD line reading of -0.20971 and a signal line reading of 3.19263.
In conclusion, ongoing issues faced by Solana in overcoming key resistance levels and signals from technical indicators point to potential challenges in the near future.
