Solana Price Prediction: Bearish Signals Point to Potential Downside for SOL

This #Solana price prediction comes as $SOL on 1-hour chart presents a cautious scenario. Its  price has consolidated near critical support levels, with technical indicators showing a predominantly bearish tone. As of the latest candle close, the price of Solana stands at $144.11, slightly undercutting key resistance levels and hovering near support, raising questions about the token's short-term trajectory.

Over the last five periods, #SOL has shown declining price momentum, moving from a high of $145.31 down to $144.11. The price faced rejection at the $145.03 resistance level multiple times, signaling selling pressure around this mark. The repeated testing of lower support at $143.96 suggests that if the bears intensify their hold, a potential breakdown below this critical level could send SOL towards the $143.13 support.

Currently, the nearest resistance levels to watch are $144.21, $144.71, and $145.03. On the flip side, SOL has strong support at $143.96 and a more significant cushion at $143.13 if downside momentum continues.

The 9-period exponential moving average (EMA) is currently trending downward, with values moving from $145.74 to $145.00, indicating a short-term bearish bias. Similarly, the 20-period EMA has also turned lower, with values dropping from $146.50 to $145.85, reinforcing the selling sentiment. The proximity of the current SOL price to the 9 EMA and the 20 EMA suggests that sellers remain in control. A sustained move below the 9 EMA, which is already acting as resistance, could lead to further declines, while a breach of the 20 EMA might confirm this bearish trend.

The MACD indicator paints a grim picture for SOL in this Solana price prediction. The MACD line has been consistently moving lower, with the latest values showing -0.7039 for the MACD and -0.3495 for the signal line. The increasing size of the negative histogram, currently at -0.3543, suggests that bearish momentum is gaining strength.

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