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The cryptocurrency market has shifted into a bearish phase, with Solana (SOL) experiencing a notable price decline amid broader market weakness.
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Technical analysis indicates that SOL is approaching critical support levels, suggesting potential for further downward movement if these thresholds fail to hold.
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According to COINOTAG, “If the candle closes below the $152.14 level without a long wick, a test of the $140-$145 range is likely in the near term.”
Solana price drops 3.48%, approaching key support levels; technical indicators signal potential further correction amid bearish market trends.
Solana (SOL) Faces Increased Selling Pressure as Market Turns Bearish
Over the past 24 hours, Solana (SOL) has seen its value decrease by approximately 3.48%, reflecting a broader market downturn. The hourly price chart reveals a persistent bearish momentum, with sellers dominating the market action. This trend is underscored by the failure of SOL to maintain above critical support points, signaling a potential continuation of the downward trajectory. Investors should closely monitor the $152.14 support level, as a decisive break below this threshold could accelerate the correction phase.
Technical Indicators Highlight Potential for Further Correction to $140-$145 Range
Analyzing the midterm charts, there is an absence of reversal signals, reinforcing the bearish outlook for SOL. The price action suggests that if SOL closes below $152.14 without forming a long wick, it may trigger a test of the $140-$145 support zone. This level has historically acted as a significant demand area, and a breach could lead to intensified selling pressure. Market participants are advised to watch the previous bar’s low near $150, as a drop below this point would confirm the ongoing correction.
Market Sentiment and Broader Implications for Solana Investors
The current market sentiment surrounding Solana is cautious, with traders exhibiting risk-averse behavior amid volatility. The dominance of sellers on both short-term and longer time frames highlights the challenges SOL faces in regaining upward momentum. Investors should consider these technical signals alongside fundamental developments to make informed decisions. Additionally, maintaining a diversified portfolio and setting appropriate stop-loss levels can help mitigate risks during this period of heightened uncertainty.
Conclusion
In summary, Solana’s recent price decline and technical indicators point to a sustained bearish phase, with key support levels at $152.14 and the $140-$145 range being critical to watch. While no immediate reversal signs are present, market dynamics remain fluid, necessitating vigilant monitoring. Investors should prioritize risk management strategies and stay informed on market developments to navigate potential volatility effectively.
