📉 Solana Faces Selling Pressure Below $200
Solana’s price, once above $200, has dropped below critical levels, with bears dominating. The inability to defend $195 raises fears of a dip below $190, potentially triggering FUD and testing key support at $188.
📊 Bearish Patterns Dominate the Chart
On the daily chart, Solana shows a pattern of lower highs and lows, signaling bearish control. The price trades within a falling wedge, and after recent rejections, a drop to $190 or $188 seems likely. However, historical rebounds at these levels offer hope for a turnaround.
📉 Technical Indicators Show Mixed Signals
The MACD reflects reduced selling pressure, but a potential bearish crossover points to further downside risks. Buying volume remains weak, showing a lack of buyer confidence at current levels.
📈 Path to Rebound: $210 Is Key
A rebound from $190 or $188 could trigger renewed buying, setting the stage for a recovery above $200. Breaking and holding $210 may nullify bearish momentum and push the price toward yearly highs at $225, rekindling bullish sentiment.
🔮 Long-Term Outlook
If Solana regains momentum and surpasses $210, it could pave the way for a potential new ATH in 2025, driven by renewed market confidence and increased liquidity. Until then, cautious trading around key levels is advised.
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