$SOL Technical Analysis: Bears in Control! -4.66%

Solana struggles as it drops to $232.11, posting a notable -4.66% decline in the past 24 hours. Despite a brief rally to $247.50, the bears regained momentum, pushing SOL to test its key support at $230.37.

Technical Indicators:

• MA (7): $235.53 – Acting as immediate resistance, hinting at continued downward pressure.

• MA (25): $236.20 – A critical level that must be reclaimed for bullish continuation.

• MA (99): $236.17 – Long-term resistance, aligning with the short-term MAs.

• Volume: Increasing sell volume indicates bearish dominance.

Key Levels to Watch:

• Resistance: $236.20 and $240.68. Breaking above these could reignite bullish sentiment.

• Support: $230.37. If broken, expect further downside, potentially targeting $225.33.

What’s Next?

The price action is currently forming lower highs and lower lows on the hourly chart, confirming the bearish trend. If bulls fail to defend the $230.37 support, SOL could slide deeper, inviting more sell pressure. A bounce above the $236.20 resistance is essential to reverse the trend and bring the bulls back into the game.

Pro Tip: Watch for a volume spike near the support or resistance zones for clearer breakout or breakdown confirmation.

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