According to CryptoPotato, Solana's price has been on a downward trend, with sellers taking advantage of the situation. Over the past week, the price has significantly dropped, and it remains to be seen whether the upcoming support level will hold. The key support and resistance levels are at $164 and $206 respectively.
Solana lost 10% of its valuation in the past week after failing to break the key resistance at $206 twice. Sellers have now reached a critical support level, attempting to push the price below $164. To avoid a further drop, Solana's price needs to stay above the key support at $164. If it fails to do so, it could pave the way for a further decline towards $130.
Adding to the bearish outlook, the 3-day Moving Average Convergence Divergence (MACD) has made a bearish cross. This is a significant signal that the momentum is shifting towards a bearish trend, and Solana's uptrend may be coming to an end. If the support at $164 is lost, this bearish trend would be confirmed.
Currently, the bias on Solana is bearish. The price action is at a critical junction, with clear signs that sellers are gaining the upper hand. If they succeed in their offensive, Solana's price is likely to fall under the key support at $164.
