Solana (SOL) is struggling under selling pressure, pushing its price deeper into a correction phase. After multiple failed breakout attempts, SOL is now approaching the critical $164 support level, a decisive zone that could determine its next major price movement.
📌 If SOL holds above $164, buyers could step in and trigger a recovery.
📌 If the level breaks, SOL could slide toward lower support zones at $137 or even $118.
🚨 With bearish momentum intensifying, is a major price drop ahead, or will bulls defend key support?
Bearish Momentum Weighs on Solana’s Price
🔹 SOL’s price action continues to struggle against persistent downward pressure, with sellers controlling momentum.
📌 Key technical indicators confirm a bearish outlook:
✅ SOL is trading below the 100-day Simple Moving Average (SMA), reinforcing a bearish trend.
✅ Relative Strength Index (RSI) is at 25%—deep in the oversold zone, signaling intense selling pressure.
🚨 These indicators suggest that unless strong buying interest emerges, Solana may remain under pressure in the near term.
📌 Technical Overview:
✅ 100-day SMA: Acting as strong resistance, preventing an upside breakout.
✅ RSI at 25%: Signals oversold conditions, but buying momentum remains weak.
$164 Support Level: A Crucial Battleground for Bulls and Bears
📌 Solana’s immediate outlook depends on whether it can hold above the $164 support level.
✅ If bulls successfully defend this zone, a reversal could push SOL back toward key resistance levels.
❌ If $164 fails to hold, selling pressure could accelerate, with downside targets at $137 and $118.
📊 Possible Scenarios:
🚀 Bullish Case: Strong buying volume at $164 could trigger a rebound toward $180+.
📉 Bearish Case: A breakdown below $164 could expose lower support levels at $137 and $118.
Conclusion: Will Solana Stabilize or Extend Its Correction?
📌 Solana is at a critical support level, with $164 acting as a key decision point.
📌 Bearish indicators like the 100-day SMA and oversold RSI suggest further downside risk.
📌 A breakdown below $164 could lead to a drop toward $137 or $118, while holding support could trigger a rebound.
🚀 With market sentiment turning cautious, will bulls step in to defend SOL, or is a larger correction looming?
