Solana Drops to $152; What's Next?

Solana is making lower highs and struggling to breach critical resistance levels, eroding bullish enthusiasm. Technical indications currently suggest consolidation or decrease, highlighting this momentum change. SOL has reached $152, so what's next?

SOL Lowers Highs

The token has stopped rising since July 29, when it reached $193.89. A succession of lower highs indicates decreasing momentum for the cryptocurrency. The Directional Movement Indicator (DMI) shows that the bulls still have a little lead with a +DI of 23.0564 over the -DI of 20.3474, confirming this pattern of weak buying pressure.

However, the ADX reading of 19.2392 implies that this edge may not be enough to boost prices immediately. Solana's price is still consolidating at $143.27.

Over the last 24 hours, the token's value and market cap fell 0.18%. However, 24-hour trading volume rose 77% to $2.4 billion, showing trader activity.

Resistance and Possible Results

Solana confronts strong resistance at $152, a crucial level that might stall any upward momentum. If the Bitcoin fails to breach this barrier, its price might drop near $134, which experts are eyeing for support.

A rebound from this support level might imply a downtrend reversal, making it a key buying opportunity. If the Bitcoin fails to retain $134, it might fall below $120.

If the price breaks through $152 and establishes it as a new support, $163.70 is the next resistance level. A break of this level might propel it to $170, a substantial price rebound.

As Solana consolidates, the next few days will decide whether the cryptocurrency can rise again. Solana's ability to surpass crucial resistance levels will certainly determine market conditions.

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