The Solana token continues to face market pressure, trading below the critical $180 level. Despite this, its long-term outlook remains encouraging.
Current Market Situation of Solana
Currently, the SOL token is trading below the $180 level after experiencing a 15% drop, resulting from a breakdown of a rising wedge. The 50-day moving average at $158.05 serves as significant resistance, while support is found around $151.96. This suggests a presence of buying interest and decreasing selling pressure.
Technical Signals and Their Impact
Key technical indicators suggest a potential bullish trend for Solana. Two consecutive Fair Value Gap (FVG) zones remain unfilled, which increases the likelihood of surpassing the 50-day moving average. The RSI also indicates the possibility of further upward movement.
Psychological Level of $180 and Its Significance
The $180 level is a psychologically significant threshold that has been tested multiple times. There is a noticeable decline in selling volume, suggesting a weakening of seller strength. A potential Golden Cross formation may occur if the price closes above $170, which could trigger movement towards $200.
Solana has the potential to breach significant resistance levels, buoyed by positive technical signals and investor interest. Observing these factors may lead to new records.
