Solana (SOL) has declined by 4.88% in the last 24 hours, facing resistance near $171.84 and testing critical support levels at $165 and $160 amid a broader market correction.
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Top 10 cryptocurrencies are currently in the red zone, signaling a market-wide downturn.
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Solana’s hourly chart shows a downward trend after failing to break the $171.84 resistance.
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COINOTAG experts highlight the importance of daily candle closures near $168.71 to determine further price action.
Solana price drops 4.88%, testing key supports at $165 and $160. Get expert insights and market updates from COINOTAG today.
What is Causing Solana (SOL) Price to Fall 4.88%?
The Solana (SOL) price has fallen by 4.88% in the past 24 hours, reflecting a broader market correction affecting the top 10 cryptocurrencies. The hourly chart indicates a failed breakout attempt above the local resistance at $171.84, which triggered selling pressure. If buyers fail to regain control, SOL may break below immediate support levels, signaling further downside risk.
How Does Solana’s Technical Setup Indicate Potential Further Decline?
Technical analysis reveals that if bulls cannot reclaim the initiative, SOL is likely to test the $165 support level. The daily candle’s closure near $168.71 is critical; failure to hold this level increases the probability of a correction toward $160. Midterm outlook suggests a possible test of the $150-$160 zone if the price closes near its lows, indicating sustained bearish momentum.
Top coins by CoinMarketCap
Image by TradingView
Image by TradingView
Image by TradingView
| Cryptocurrency | 24h Price Change | Support Level |
|---|---|---|
| Solana (SOL) | -4.88% | $165 – $160 |
What Are the Key Support Levels for Solana (SOL) in the Current Market?
Solana’s key support levels currently lie between $165 and $160. A break below these levels could lead to further declines toward the $150 zone. Monitoring daily candle closes around $168.71 is essential for traders to gauge potential trend reversals or continuation of the correction.
Why Is the $171.84 Resistance Significant for Solana?
The $171.84 resistance represents a local peak that SOL failed to sustain after a false breakout. This level acts as a psychological barrier, and failure to break above it has led to increased selling pressure. Traders view this resistance as a critical point for potential bullish momentum if breached.
Frequently Asked Questions
What is the current trend for Solana (SOL) price?
Solana is currently in a downward trend after failing to break resistance at $171.84, with potential support tests at $165 and $160 in the near term.
How can traders react to Solana’s price movements?
Traders should monitor daily candle closes near $168.71 and watch for breaks below $165 to adjust strategies accordingly, focusing on risk management during this correction.
Key Takeaways
- Solana (SOL) price dropped 4.88%: Reflecting a broader market correction among top cryptocurrencies.
- Critical resistance at $171.84: Failure to break this level triggered selling pressure.
- Support levels to watch: $165 and $160 are key zones for potential price stabilization or further decline.
Conclusion
The recent decline in Solana (SOL) price highlights the ongoing market correction impacting leading cryptocurrencies. Traders should closely monitor resistance at $171.84 and support between $165 and $160 to navigate potential volatility. COINOTAG will continue providing expert insights to help readers stay informed and prepared for upcoming market movements.
