$SOL

SOL price analysis: Can bulls hold the key support?

Brothers, SOL's recent performance is a bit worrying. On January 7, the price fell sharply and directly broke the moving average, and the bulls "dropped offline" instantly. The next key is whether the support of the rising trend line can hold up. If it can't hold, we may see a lower price!

Failed to hold the 50-day moving average: The price failed to stabilize above $217, indicating that the shorts are under significant selling pressure at high levels.

Breaking the moving average and falling to support: As the price falls below the moving average, the shorts' target is directly pointing to the rising trend line, which is a crucial support point.

Downward support:

Rising trend line: SOL's current long-short "watershed", it is expected that the bulls will hold this position.

$175: If the trend line is lost, this may become the first support.

$165: The ultimate goal of the bears, the bulls must prevent further declines to this price.

Upward resistance:

20-day moving average ($204): The first pressure for a short-term rebound.

$223: Only after breaking through and stabilizing, bulls have a chance to regain control of the situation.

SOL is currently hovering near the key support of the rising trend line. Whether it can hold will determine the future trend. Remember that the key support level is the trend line and $175. If it can rebound, it will have a chance to look above $223, otherwise it may bottom out further. Stay steady and don't panic, wait for a clear direction before making a decisive move!