🔍 Solana Price Analysis: Evaluating $164 Support Amid Downtrend

As SOL faces a persistent downtrend, buyers are grappling to reverse the momentum, while sellers exploit the market sentiment. In the past week, SOL endured a notable decline, sparking discussions on the viability of the upcoming support level.

🎯 Key Levels to Observe:

- Support: $164

- Resistance: $206

🔻 Impact of Sellers:

Despite two unsuccessful attempts to breach the critical resistance at $206, SOL encountered a 10% drop in valuation. Sellers now aim to challenge the pivotal support at $164, intending to push the price lower.

📉 Pressure on Support:

Preserving SOL above the pivotal $164 support is vital to avoiding further descent. A breach could indicate additional downside potential, potentially steering Solana towards $130.

📉 Bearish Indicators:

The recent bearish cross on the 3-day MACD indicator exacerbates bearish sentiment. This suggests a shift towards bearish momentum, potentially signaling the conclusion of Solana's upward trend, particularly if the $164 support level is breached.

📉 Current Sentiment: Bearish

📉 Short-term Projection:

Solana's price trajectory is at a critical juncture, with evident signs of seller dominance. A successful breach of the $164 support level may lead to further downturns, validating the bearish outlook.

In summary, maintaining vigilance is imperative as Solana navigates this challenging phase. Traders should meticulously monitor price fluctuations around the $164 support level to ascertain SOL's potential direction in the immediate future. #SolanaStruggles na #Priceanalysis is 📉💼$SOL $ETH $BTC #BullorBear