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- Solana drops to $164 as volume declines 22.76%, signaling reduced market interest.
- Support at $154–$156 under pressure; $148 may follow if breakdown occurs.
- RSI at 43.79 and weak MACD indicate fading momentum without a clear recovery signal.
Solana (SOL) is currently trading at $164, representing a 2.69% decline over the past day. The volume of trading is also down by 22.76%, which is currently at $5.76 billion. The drop in price as well as activity indicates the falling interest. Sentiment has become more cautious in the market. Bears are looking dominant.
Source: CoinMarketCap
Over the past week, SOL has lost 12.35%. This gradual deterioration indicates that there is continued selling pressure with no conviction witnessed in the market. There are still no significant bullish developments. Price zones are being keenly observed as traders look to see the direction. The existing levels of support are at risk.
Solana Eyes Support Test as Bearish Momentum Builds
Crypto analyst Crypto Jobs highlighted that the daily structure is no longer bullish. But he affirmed that the bearish candle bias is dominant in the 4-hour chart. He further stated that bearish momentum is short-term and still in motion. The $154 and $156 support zones will probably be tested. He referred to this stage as a potential higher time frame (HTF) bullish retest, although the trend has not shifted yet.
Source: X
The analyst also marked the major levels at $176, $170, $165, $158, $156, $152, and $148. He added that Solana is tracking towards a bearish channel on the H1 timeframe. A slight rebound to $172 and $175 can be normal, however, there is a chance to fall to a level closer to $148, provided the support is broken.
Source: X
Also Read: Indian Crypto Exchange CoinDCX Loses $44 Million After Employee Falls for Scam
RSI Nearing Danger Zone, MACD Remains Unconvincing
The Relative Strength Index (RSI) stands at 43.79. This figure leaves SOL on neutral grounds but close to bearish tendencies. It implies that buyers are not strong. The RSI is still not in the oversold territory. When it comes down to 40, selling momentum may intensify.
The MACD has conflicting indications. The MACD line stands at -1.29 and the signal line stands at -1.66. The histogram has 0.37, which gives a small bullish crossover. However, there is a lack of momentum. The signal is insufficient to prove a recovery.
Source: TradingView
Solana Derivatives Signal Caution as Volume Drops
CoinGlass data backs up the bearish argument. The volume decreased by 17.44% to $23.53 billion. Open interest decreased by 8.18% to $9.15 billion. Speculators are retreating into margined shifts. There is speculative cooling. The level of confidence is low.
Source: CoinGlass
The SOL OI-Weighted Funding Rate is 0.0020%, indicating very little bullish activity in derivatives. Sellers are not making big bets. There is a low risk appetite.
The support levels of SOL are at the $154 and $156 levels, and resistance is at the $170 to the $176 levels. Solana might dip toward $148 in case the price is not sustained above the support value. Bears will continue to dominate unless volume comes back. Traders are advised to observe the key levels.
Also Read: Bitcoin Volume Jumps 22%: Is a Surprise Breakout on the Horizon?
