Solana is oversold, koersherstel vanaf $170 kan uitdaging tegenkomen 📉

Solana has recently faced significant challenges after peaking at an all-time high of $295 in mid-January. The altcoin has been on a steady downward trend, currently trading around $173. Recovery appears difficult due to negative market sentiment and investor skepticism.

The overall sentiment around Solana has turned bearish, with many holders showing a lack of confidence in the token's recovery. This investor sentiment plays a crucial role in the success of any cryptocurrency, and the prevailing skepticism among Solana holders could prevent further positive momentum.

Technical indicators like the Relative Strength Index (RSI) show mixed signals, and Solana is in the oversold zone under 30, a potential trigger for price action reversals. However, Solana has struggled to display the sharp rebounds typical after such declines.

Solana's price is currently at $173, facing resistance at $183. If it fails to break through $183, the altcoin could experience further downward pressure, with critical support at $161.

If Solana manages to break $183, it might regain upward momentum. This breakout could invalidate the current bearish expectations and help recover some recent losses. Securing $183 as support will be crucial for Solana to potentially reverse its current downward trend.