$SOL Fights to Break Resistance Amid Bearish Pressure?

#SOL has experienced mild fluctuations in recent trading sessions, with price action showing some bearish tendencies. The asset's closing prices have hovered between 213.9 and 215.45, remaining under key resistance levels, signaling a struggle to regain bullish momentum.

The 9 EMA has maintained its position below the 20 EMA, which indicates that the short-term trend leans bearish. This moving average crossover highlights a lack of upward momentum, suggesting sellers currently have control. Should the price fail to surpass 221.23 and 222.13, further downward movement toward critical support levels of 212.87 and 212.03 could materialize. A breakdown below 212.03 might expose SOL to further declines toward 203.75.

The MACD histogram remains negative, reflecting weakening bullish momentum. Although the signal line shows minor flattening, the MACD line continues to linger below, confirming a bearish setup. Traders may look for a reversal only if the histogram begins to trend positively alongside a crossover.

RSI has hovered around the mid-40 range, signaling bearish to neutral momentum. This level indicates neither oversold nor overbought conditions, meaning SOLUSDT has room to move in either direction depending on volume and market sentiment. However, any dip toward 30 would signify oversold conditions and could present a buying opportunity.

For traders considering positions:

Long Entry: A breakout above 221.23, confirmed by strong volume, may provide a potential long entry point targeting 222.13.

Short Entry: If SOL fails to hold above 214.01, a short position targeting 212.87 or 212.03 could be explored.

The technical indicators currently suggest a bearish bias unless #SOL successfully reclaims its resistance levels. #Solana