CandleFocus

Next Key Solana (SOL) Support Revealed

Author: Content Editor
The news content suggests that Solana (SOL) is currently facing bearish momentum as it remains stuck in a descending channel. The asset's inability to maintain its prior highs and break out of the channel indicates weak short-term bullish sentiment. The 50 EMA is seen as a crucial resistance level, with SOL flirting with it but lacking volume and buying pressure for a sustainable recovery. The next significant support is marked at $196, closely matching the 100 EMA. If SOL breaks below this support, it may plummet towards the 200 EMA at $175. On the other hand, a break out of the descending channel and a recovery from the $196 support may allow SOL to aim for the $225 level. However, a complete reversal would require SOL to regain the $250 level and show consistent momentum outside the channel. The RSI indicates bearish momentum but is not yet oversold, suggesting the possibility of more downside before a major recovery attempt. Traders are advised to monitor the $196 support level and wait for distinct bullish indications before expecting a change in Solana's performance.

Related News