$SOL experienced a drop below its descending channel pattern on June 18, but the dip was quickly bought up by bulls, evident from the long tail on the candlestick of that day.
With the 20-day EMA trending downwards at $152 and the RSI in negative territory, bears currently hold sway. A reversal from the current level or the 20-day EMA could prompt bears to target the critical support at $116 for the SOL/USDT pair, likely attracting strong buying interest from bulls.
This bearish scenario could shift if the price reverses course and breaks above the resistance line in the near term. Such a move could potentially propel the pair towards $176.
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