Solana Faces Bearish Pressure, Testing Key Support Levels
- Solana’s price declined from the $250 zone, trading below $240 and $230 against the US Dollar.
- SOL is currently below $220 and the 100-hourly simple moving average, with a bearish trend line resistance at $222.
- The price reached a low of $207 and is consolidating losses below the 23.6% Fib retracement level from the $254 high to the $207 low.
- Key support levels are identified at $202 and potentially at the critical $200 mark if further declines occur.
Solana’s recent price action shows significant bearish momentum as it struggles to maintain levels above key resistances such as $215 and $222. The formation of a bearish trend indicates potential for further declines, possibly testing support near the crucial $200 level.
The failure to break through resistance could lead Solana to continue its downward trajectory, with major support expected near $202 and possibly extending toward the psychological barrier of $200 if pressure persists. Source
