- Solana has failed under its major trendline and is currently probing vital horizontal support of $150-155.
- The current support may have a relief bounce to around $170 175 which fits the 9-day EMA.
- The next demand zone of $135 140 could be gained sooner on a break beneath $150.
This week Solana (SOL) fell into a critical technical stage after breaking down through its major trendline support. The step has directly put the cryptocurrency in a horizontal demand area of $150-$155, which has already served as a strong support. SOL was trading at approximately $159.57 at the time of composition which showed that it had fallen by 1.2 percent in the last 24 hours. It was also trading at 0.001546 BTC, which has increased by 0.4 percent on the Bitcoin pair, with the 24-hour range having a high of $164.71 and a low of $147.97.
The decline beneath the rising trend line reflects the loss of short term bullish arrangement. Nevertheless, the horizontal help has become one of the major guiding posts that traders observe in favor of stabilization or continued downward influence.
Solana Faces Sustained Pressure as Price Slips Below Key Moving Averages
A closer look at the daily chart reveals that SOL has been consistently losing ground since its early-October high. The short-term bearish tone is also supported by the fact that the coin has shifted below the 50-day EMA and 200-day SMA. It is noteworthy that the latest decrease in the trading volume significantly increased, as the price approached the lower boundary.
Should the buyers be able to hold the $150-155 region, there is still a temporary revival to $170-175. This area is quite similar to the 9-day EMA which is a band that frequently serves as short-term resistance following prolonged decreases.
Support Zone Emerges as Solana’s Critical Turning Point
The $150 mark currently is a crucial market direction indicator. Clinging past this support may be an indication that a temporary recovery is in play and relief is to be experienced after a series of bearish days. Nonetheless, it may not be able to hold this floor, which could pave the way to the next demand area around 135140 where there had been a previous build-up.
The market participants still track the behavior of Solana around this area since a clear step below the 150 mark can change the overall formation even more. The following sessions will also play a critical role as to whether the current slide will reach the level of being stable or it will be transferred to even lower grounds of support.
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