Solana (SOL) has faced a bearish downturn after falling below the $180.0 level,currently trading at $175.81 USD with a 24-hour trading volume of $2.90 billion. Despite a recent rally, SOL has declined by 2.63% in the last 24 hours.Solana’s rally above $180.0 has recently faced resistance at the $185 mark.
After a significant low of $134 on July 13, SOL experienced a notable recovery, surging to $169.29 on Friday. The cryptocurrency continued its bullish trend over the weekend, rising by 2.62% on Saturday and 6.20% on Sunday. However, the price has stalled, encountering strong bearish resistance at $185.
SOL Falls Below $180 Amid Bearish Tension
The market was dominated by a downward movement of Solana (SOL) this week as it fell by approximately 2.96% to trade at Monday’s lowest price marked by support at $170 before stabilizing around the current levels. If there is a rebound from this level, SOL will aspire for another run-up to test resistance at $185.A convincing break above that barrier could pave the way for more gains above the psychological mark at $200.
Solana’s recent depreciation came amid a wider market pullback which saw it reach its highest price in two months when it hit $185.This led to an increase of 3.5% for Solana after Joe Biden dropped out.The crypto is being favored through shifting political dynamics particularly with Donald Trump having enhanced odds for winning.
Over the last couple of hours since hitting a high roughly near about $176 levels; Solana (SOL) has retreated mildly to change hands near about $174.92.RSI stands close to midline on 52.93 indicating no particular advantage among buyers and sellers so far.Neutral RSI hints that So If SOL witnesses further consolidation, it could be leading towards a breakout.
However, MACD line (blue) is slightly over the signal line (orange) whereas both are nearly touching zero line.To be precise, there is a lack of strong bullish or bearish momentum in either direction suggesting that the market could remain flat for sometime ahead with slight possible sideways trading.Furthermore, the slightly positive histogram bars suggest that it’s more likely that buyers would take control.
Solana’s market behavior on the 4-hour chart suggests a potential stabilization period, with the $175 level acting as a psychological barrier.If SOL can hold above this point then chances are that it will try to retest resistance at $185.On the other hand, breaking below immediate support around the current price near about $174 could see Solana testing lower supports at around $170 and below if broader market conditions and sentiment on cryptocurrencies are considered.
Institutional Influence on Solana Prices
The approval of spot Ethereum ETFs has also influenced the market, leading to increased investor activity and anticipation of a broader altcoin boom. On-chain activities have shown solid interest from institutional investors indicating diversified portfolios. Over two weeks in a row prices have risen by more than 23%, being optimistic for investors.
Solana is experiencing bearish pressure at the $175 mark as sellers try to push down its prices. The key levels to Watch out for support levels are at $170 and $165, while resistance is present at $185. The continuation of attention directed towards broader market trends alongside institutional movements will play a significant role in determining where Solana goes next.The current market position of Solana is characterized by resistance around $185 and downward pressure near the $175 level. To move forward with performance, it is very important that this crypto should break through resistances and stay abo
