Solana (SOL) dropped 1.53% in the past 24 hours, trading at $144.
Short-term support at $142.55 may allow a rebound to $158-$160 if maintained.
Broader outlook suggests potential sideways trading around $160 or further declines.
Solana (SOL) is currently facing downward pressure. The tokenâs price dipped 1.53% in the last 24 hours. As sellers continue to push SOL to new local lows, it's struggling to find a stable footing.Â
The recent decline has seen SOL trading at $144. Despite this, there's a potential for a rebound if it manages to hold certain support levels.
Short-Term Support and Resistance Levels
On the hourly chart, Solana appears to have found a local support level around $142.55. If the daily candle closes near this level, we might see a bounce back to the $158-$160 zone by tomorrow.Â
This short-term support could offer some relief if buyers step in. However, if the daily close is significantly lower, the price may continue to struggle.
In the broader context, the situation is less clear. A substantial drop could be postponed if the daily bar closes far from its low.Â
In this scenario, a sideways trading pattern around the $160 mark seems more probable. Solana is currently navigating between a wider channel with support at $116 and resistance at $188.89.
Market Sentiment and Future Outlook
The current market sentiment leans towards a bearish outlook for Solana. With sellers in control, the price might continue to trend downward.Â
The possibility of further declines remains if the bearish trend persists. However, the presence of key support levels provides some hope for a potential bounce back.
As of now, Solana (SOL) is trading at $144, reflecting the ongoing struggle between buyers and sellers. For traders and investors, monitoring the support and resistance levels closely will be crucial in determining the next moves. Will the price of SOL surge or dip?
The post Solana Faces Fresh Local Lows Amid Seller Dominance appeared first on Crypto News Land.
