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- Solana pulls back to $184, with traders targeting $160–$165 support for potential re-entry.
- RSI shows neutral conditions, while MACD hints at weakening momentum; key supports at $160–$165.
- Despite a 52.56% volume drop, Solana remains bullish, with a potential bounce at critical support levels.
At the time of writing, Solana (SOL) is trading at $184, representing a 1.02% decrease over the past 24 hours. The daily trading volume has declines by 55.58% to $3.79 billion. In the last week, though, Solana has risen 4.45%, and market sentiment remains positive. The traders are currently targeting support areas to buy again.
Solana Support Levels
CoinCodeCap Trading highlighted that Solana had recently breached the former resistance zone of the $160 and $165 areas. SOL has hit a high of $200 and is taking steps backwards. Such an important area is the $160 and $165 zone, which is a good area of support. A rebound at this level may allow traders to re-enter the market. The present market trend is a healthy correction and does not affect the uptrend.
Also Read: Solana (SOL) Price at $196: Will Wave 4 Lead to a Major Breakout?
The RSI is close to the middle, which is a sign of no overbought or oversold market conditions. The MACD histogram is moving down, which is an indication that momentum could be weakening. The $160 and $165 support areas are the keys which traders should be keen to indicate the possibility of a bounce. The most important levels of resistance are at $200, $223, and $260.
GemXBT also revealed that Solana has been in recovery since it experienced a negative trend. It has stabilised the price above the 5, 10, and 20-hour moving averages. This shows a temporary bullish trend. The resistances are $190, and the supports are at $185. The volume is not high yet, the RSI is neutral, and MACD indicates a possible bullish crossover. Nevertheless, the market is cautious.
Solana Trading Volume Decline
CoinGlass data shows that the trading volume of Solana has decreased by 52.56%, to $13.18 billion. Open interest fell by 0.67%, to $10.55 billion. The OI-Weighted Funding Rate has a value of 0.0125%, indicating a neutral mood on the market.
Solana is in the process of a pullback, but the market structure is still bullish. The support levels of $160 and $165 are crucial, and any bounce back may trigger the next stage of moving upwards. Traders are advised to be keen on any indications of a bounce at these levels in order to get back into the market. Solana is expected to continue as it is currently positioning itself before it makes its next move.
Also Read: Solana’s Next Big Move: Is $160 the Key to a Bullish Reversal?
