$SOL price plummets, can it hold at 158 dollars?
Recently, the cryptocurrency market has overall dropped by 3.8%, with Solana also falling by 5.05%, bringing its market cap below 78 billion dollars. The current trading price barely maintains at 165.61 dollars, but the market sentiment is bearish, and it is uncertain whether Solana can withstand this challenge.
From the daily chart, Solana has seen three consecutive days of decline, dropping from a high of 183.30 dollars to the current price, which is a significant decrease. Moreover, it has broken below the 61.80% Fibonacci level, and the situation is not optimistic. Although there was a reverse head and shoulders breakout, the price trend still couldn't stabilize and continues to drop towards the 50% Fibonacci level at 159.54 dollars.
The MACD and signal line also indicate that the bearish impact is increasing, and a bearish crossover has already occurred. However, the simple moving averages remain positive, thanks to the golden crossover between the 50-day and 200-day SMA.
Looking at the four-hour chart, Solana has broken through the long-standing support line of the rising channel, and the short-term pullback rebound seems to have ended. The 200 EMA on the four-hour chart also warns us that the price may fall to 156.62 dollars. Additionally, Solana has two key support levels, one near 158 dollars and another near 150 dollars, and whether it can hold them will depend on this wave.
Last week, Solana already fell once in the 158 dollar support zone, and whether it can quickly reverse the situation this time is still uncertain. However, there is a quick support point near 165 dollars, which has been supporting Solana's price since October 21. If a bullish reversal occurs, it might retest the broken trend line on the four-hour chart.
In the long run, if Solana can rebound from the 50% Fibonacci level at 159.54 dollars, the price might rise to 169.49 dollars or even 188.65 dollars in the short term. By the end of this month, it might even rush to the psychological level of 200 dollars. But all of this depends on whether the market provides the opportunity.
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