Solana Bearish Trend Deepens: Is $164 Support the Next Stop For SOL?
Solana is under sales pressure and has further slipped its price into the correction phase. After struggling to maintain upward momentum, SOL has been steadily retreating and is now close to the crucial $164 support level. This keypad will determine if the cryptocurrency finds stability or extends its downward trajectory.
Market indicators show that bears are still under control. momentum Transfer, support sellers. If Solana fails to hold over $164, it could open the door to deeper losses. However, if buyers step in to defend this level, it will trigger a price reversal. Sol will stabilize and recover, or be more corrected horizon?
Thor’s battle with bearish momentum
Recent price action shows that Sol is working hard to continue Bearish pressure As prices work hard to maintain their upward momentum. After a series of failed attempts to break through key resistance levels, the cryptocurrency gradually declined, pushing it to a deeper backtrack of $164.
Technical indicators strongly support Solana’s bearish outlook, with one major sign that its price trading below the 100-day simple moving average (SMA). The fact that SOL trades below this important threshold highlights the bears market, Unless there is a significant purchase interest, it makes the downward pressure more likely to continue.
Besides that, another Key indicator The bearish outlook for strengthening Solana is the Relative Strength Index (RSI), which is currently at 25% of the lower territories. The cryptocurrency is 25%, which is in the oversold area, indicating that sales pressure is high and the market is dominated by bears.
While this suggests that SOL can be undervalued in the near term, it also means that the upward trend is losing momentum. These metrics combine to paint a picture of a market that is striving to find support. Holding a SMA for 100 days is crucial Resistunless market sentiment reverses or breakthrough Above the key resistance level.
Solana’s market outlook: $164 support level to determine the next price action
Solana’s market outlook remains highly dependent on its ability to maintain the critical $164 support level. It turns out that this level is bull And Bear, its strength or disadvantage may lay the foundation for the next major price change. Selling pressure should continue break down The following bearish trend occurs below this level support SOLs in regions (such as $137 or even $118) may be possible.
But if Solana can defend $164 support and generate a strong rebound, it could indicate that sales momentum is slowing down and the Bulls can be ready to step in. assemblypush AltCoin to key resistance levels such as $240 and $260.
