The cryptocurrency market is currently seeing a downtrend in price, and Solana is no exception. Solana’s price is currently trading around $183 as it facing intense selling pressure, leading to a decline in its price.
Crypto analyst known as Barchart on X explored the recent price movements, potential support and resistance levels, and the underlying factors contributing to this bearish sentiment.
Solana Price Movement
The price action of Solana against the dollar over a short timeframe indicates a downtrend showing sellers have taken control, pushing prices downward consistently.
At the time of analysis, the analyst noted that Solana’s price had dropped to $183.99, reflecting a loss of -12.21%. This substantial decrease indicates strong bearish momentum, as market participants respond to negative sentiment and increased selling activity.
The rapid decline shows the urgency among traders to offload their positions, further intensifying the downward pressure on the asset.
Technical Analysis of Solana Price
Resistance Levels
Looking ahead, previous peaks around $214 and $206 are identified as potential resistance levels. Should the price attempt a rebound, these levels could pose challenges for recovery, as sellers may re-enter the market to capitalize on the higher prices.
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Support Levels
On the downside, the $195 level may act as a psychological support barrier. However, given the current momentum, if the price breaks below this support, further declines could be anticipated. The market sentiment suggests that traders should remain vigilant, as the potential for additional downside exists.
If support holds at $195 holds, the price might see a corrective bounce toward $202 or $206, but if bearish momentum continues, the next support zones could be tested below $195.
