$SOL Analysis: Bearish Bias Holds, But Is Recovery Possible?

#Solana exhibits a bearish trend on the 1-hour chart, with price action pressured near key support levels. Resistance areas are noted at $233.71, $236.71, and $237.02, while support lies at $232.15, $231.81, and $231.27.

The RSI remains below the midline, suggesting persistent bearish sentiment. However, slight improvements in RSI readings could point to weakening bearish momentum, signaling a possible short-term recovery. Yet, the broader downtrend remains intact, requiring confirmation of bullish strength before committing to long positions.

The MACD histogram reflects continued bearish momentum, with the MACD line staying below its signal line. While the histogram shows a narrowing of bearish divergence, it is insufficient to indicate a trend reversal. Traders should watch for clearer bullish signals, such as a MACD crossover, before entering long trades.

Moving averages reinforce the bearish narrative, with the 9 EMA trending below the 20 EMA. These alignments confirm the prevailing selling pressure. A sustained move above the 9 EMA could serve as an early signal for bullish momentum, with potential upside towards $233.71.

Potential Entry and Exit Points

Long trades might be viable on a confirmed breakout above $233.71, targeting resistance at $236.71. Stop-loss levels can be placed below $232.15 to mitigate downside risks. Short positions could be considered on a failure to reclaim $233.71, with exits near $231.27 to capitalize on the bearish trend. #SOL