Price Faces Technical Resistance Ahead of Breakout
Price Faces Technical Resistance Ahead of Breakout
Despite the optimism in the ETF market, the short-term technical picture for Solana remains bearish. Currently trading at $140.40, SOL price is struggling to break below the key $144.49-$145.49 resistance zone, which coincides with the descending trendline and 50-period MA.
A bearish engulfing candle formed after the last breakout attempt failed, causing the coin to enter a consolidation phase just above the $138.39 support.
The MACD indicator remains in the bearish zone, suggesting that downside risks remain if SOL fails to return to the $145 area. If the $138.39 support is not broken, the price could fall to $135.74 or even $132.57.
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