🔮 SOL Price: Bullish or Bearish? What to Expect If Solana Continues to Struggle Below $170 📉

Solana's (SOL) price has faced challenges recently, with a major decline below $170 and $160 support levels. Although SOL made a recovery wave above $140, it has struggled to clear the $160 and $170 resistance levels. Let's break down the key points:

Solana Price Outlook

- After a sharp drop to $115, SOL saw a rebound, breaking above the $130 and $140 levels.

- The price briefly surpassed the 23.6% Fib retracement level of the downward wave from the $205 swing high to the $115 low, peaking above $155 and the 100 simple moving average (4 hours).

- However, resistance around the $160 zone has held strong, and SOL has fallen below the 100 simple moving average (4 hours).

Current Trend and Key Levels

- A key bullish trend line is forming with support at $146 on the 4-hour chart.

- Immediate resistance is at the $155 level, with major resistance at $160 and then at $170.

- A successful close above the $160 level could set the stage for a rally toward $188.

Bearish Scenario

- If SOL fails to climb above the $160 resistance, a drop may occur.

- Key support is at $146 and $132. A break below the trend line could push SOL to test $120 and potentially lower, targeting the $100 level.

- Technical indicators suggest a bearish bias, with the MACD gaining pace in the bearish zone and the RSI below 50.

Given these factors, Solana's topside bias could remain vulnerable if it struggles to overcome resistance. Keep an eye on the crucial support and resistance levels for further price direction.

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