- Solana price declining 12%, testing support at $182-$187 as 200-day EMA line approaches, a potential reversal or further downward trend.
- The pullback to $185 on Solana has now reached a test of supporting price levels and the next resistance should be seen at the $190 price level.
- Declining volume indicates the loss of selling strength, which may prompt Solana to move sideways before advancing towards the resistance line at around $190.
Solana price has fallen in price by nearly 12%, from approximately $210 to $185, encountering important support areas of $182-$187. These levels find par with 200-day EMA, a major moving trend line. Investors are now trying to figure out whether Solana will be able to sustain these levels or whether there will be more falls.
Solana Price Faces Key Support Levels Amid Recent Pullback
Solana price has retreated from its highs at $210 to be currently testing support between $182 and $187, which coincides with the 200-day EMA. According to crypto analyst Altcoin Sherpa, as long as Solana price is supported by this level, a rebound to the $190 level and perhaps $198 can be expected, and a breakout to $205-$210 may well follow.
Source: Altcoin Sherpa/X
Nonetheless, should Solana price decline below $182, it may experience additional declines to around $175 or even $160. With volume subsiding near support, the pullback may indicate waning selling power, but a flip below support increases downside risks.
Solana price has support above key Fibonacci levels, with the 0.618 at $156.33 providing substantial support, according to analyst Ali Charts. A pullback to this level might offer a buying opportunity, but a failure to hold above might also signal a move towards the downside. On the downside, resistance is at 0.786 at $176.42, other targets are $250.26 and $320.09.
Source: Ali Charts/X
Volume analysis plays a pivotal role because Solana price is being tested by these points. The low trading volume during the pullback indicates the absence of selling pressure, which reinforces the bullish tendency of continuation. Nonetheless, any increase in volume and below the level of $156.33 would indicate bearish momentum gathering strength.
Read Also:
