Solana Plummets 17% As SOL Hits $118: Is a Break Below Inevitable?
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Solana (SOL) has seen a sharp decline of over 17%, reaching the crucial $118 support level. The bearish sentiment has raised concerns among traders about the possibility of breaking this level. Technical analysis reveals significant bearish momentum, with the price dropping below the 100-day Simple Moving Average and the Relative Strength Index entering the oversold zone. On the 1-day chart, increased selling pressure and bearish candlesticks suggest continued weakness. If Solana breaks the $118 level, it could drop to $99.44 or lower. Conversely, maintaining above $118 could lead to a rise towards $160.
Source: www.newsbtc.com ↗
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![Solana [SOL] Tests Key $153.95 Support: Will Bulls Rally or Bearish Tide Prevail?](https://loutre.blockchair.io/w4/storage/news/ctag.png){kind=small}
