Solana’s SOL Token Hits Lowest Level Since August
- SOL has fallen below its upward trendline, marking a significant bearish shift.
- Immediate support is identified at $155, the key Fibonacci retracement level of the previous rally.
- A breach of $155 could lead to further declines towards the next support around $129.
- To reverse the bearish trend, SOL must reclaim levels above $180, which aligns with the 200-day SMA.
- Recent price action shows a series of lower highs and lows, indicating increasing bearish momentum.
The decline in Solana’s SOL token reflects heightened selling pressure as it breaks critical support levels. The focus now shifts to whether it can maintain above $155 to avoid further losses.
Currently, SOL sits at its lowest since August, emphasizing a need for a recovery above $180 to counteract the bearish trend.(Source)
