Solana has experienced a downturn, trading below the $172 support zone and encountering further resistance at $165. Initially struggling near the $175 zone, SOL is now trading under $170 and its 100-hourly simple moving average.
A key bearish trend line is apparent with resistance at $162, which could challenge efforts to recover above $165. Despite extending losses, holding support above $155 and $150 could ignite an upward movement.
Solana's recent price struggles mirror declines in Bitcoin and Ethereum. Failure to ascend beyond $165 could prompt further downturns, with support around the $150 and potentially dropping to $135 or $124 if levels fail to hold.
Technical indicators show the hourly MACD losing pace in the bearish zone while the RSI remains under 50, highlighting the bearish outlook.
